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IIFCL profit rises 44% to highest-ever of Rs 1,552 crore in FY24

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New Delhi: India Infrastructure Finance Company Ltd (IIFCL) on Wednesday reported a 44 per cent jump in standalone net profit to Rs 1,552 crore for the fiscal ended March 2024 aided by an increase in lending and moderation in bad loans.

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The state-owned infrastructure finance company had earned a net profit of Rs 1,076 crore in the previous fiscal.

The company recorded the highest-ever profit, recovery, sanction and disbursement furthering turnaround performance that began three years ago, IIFCL managing director PR Jaishankar said while announcing annual financial numbers.

He said, for the first time, the profit before tax has crossed Rs 2,000 crore. During the year, profit before tax has increased to Rs 2,029 crore as against Rs 1,076 crore in the previous year.

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The company continued to add value as its net worth increased 11 per cent to Rs 14,266 crore in 2023-24 from Rs 12,878 crore in the preceding fiscal.

During the year, he said, the company posted record performance with the highest-ever sanctions and disbursements at Rs 42,309 crore and Rs 22,356 crore, respectively.

The cumulative sanctions and disbursements stood at Rs 2.5 lakh crore and Rs 1.28 lakh crore, respectively, as of March 31, 2024.

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Going forward, he said, the company has significant scope to further improve loan growth and expects to grow at 16-18 per cent.

To fund business growth, he said the company plans to raise over Rs 30,000 crore during the current financial year.

With regard to asset quality, IIFCL has brought down gross Non-Performing Assets (NPAs) to 1.61 per cent from 4.76 per cent a year ago.

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The net NPA of the company too declined to 0.46 per cent from 1.41 per cent in the year-ago period.

During the current year, he said, the net NPA would be either zero or nearly zero.

The Provision Coverage Ratio (PCR) in the last fiscal increased to 71.51 per cent from 70.48 per cent, Jaishankar said.

IIFCL has funded close to 760 infra projects worth Rs 14 lakh crore till March 2024.

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