IRFC Q1 Earnings: Net profit increased 68 per cent year-on-yearIndian Railways Finance Corporation (IRFC) announced its April-Juen quarter results for the financial year 2021-22, reporting a net profit of Rs 1,501.95 crore, compared to Rs891.81 crore for the corresponding quarter in the last year.
The net profit of the Railway Ministry's wholly-owned subsidiary increased 68.42 per cent year-on-year in the first quarter of the current fiscal.The company's revenue from operations in the June quarter stood at Rs4581.61 crore, compared to Rs3669.22 crore in the corresponding period last year, registering a growth of 24.87 per cent year-on-year, according to a regulatory filing by the firm to the stock exchanges.By the end of the April-Juen quarter, IRFC's net worth stood atRs.
37,416.50 crore, compared to Rs 31,192.96 crore, marking an increase of 19.95 per cent year-on-year.
The net profit of the public-sector enterprise in the preceding January-March quarter of the financial year 2020-21 stood at Rs1,483 crore, while revenue from operations came in at Rs15,770 crore.The investment outlay by Indian Railways has been the main driver of growth at IRFC, as a significant portion of the funding requirement is to be met through IRFC,'' saidAmitabh Banerjee, Chairman, and Managing Director, IRFC''In view of the massive railway infrastructure investment envisaged as per National Rail Plan 2030, IRFC can foresee a sustained growth in revenue and profitability in the coming years, in view of IRFC financing a major portion of the CAPEX outlay of Indian Railways, especially over the last sixyears,'' he added.On Friday, August 13, shares of IRFC settled 0.21 per cent lower at Rs 23.85 apiece on the BSE.