NEW DELHI, May 13: India Infrastructure Finance Company Ltd (IIFCL) today reported 47 per cent jump in its net profit at Rs 765 crore for the year ended March 2015.
The state-owned infrastructure finance company had earned a net profit of Rs 521 crore on standalone basis in the previous fiscal.
This profit is due to credit growth supported by subdued rise in total expenses, said IIFCL chairman and managing director S B Nayar.
The company’s total income grew to Rs 4,060.88 crore during the year as against Rs 3,917.34 crore in the previous fiscal.
Net interest margin (NIM) improved to 4.04 per cent as against 3.4 per cent in 2013-14.
The company sanctioned around Rs 7,737 crore under direct lending scheme during 2014-15 as against Rs 2,261 crore a year earlier, recording a growth of 242 per cent.
During the year under the review, the company made incremental disbursement to the tune of Rs 7,350 crore, an increase of 34 per cent.
Disbursement under IIFCL takeout finance scheme jumped three-fold to Rs 4,208 crore as compared to Rs 1,058 crore in the previous fiscal.
The takeout finance scheme offers the infrastructure developers benefits of lower and stable interest rates than under direct lending, and freeing up of their exposure limits with banks, he said.
With regard to asset quality, the gross NPAs of the company declined to 2.45 per cent as compared to 3.79 per cent in the previous fiscal.
At the same time, net NPAs also came down to 1.57 per cent as against 2.80 per cent earlier.
The company made provisions against bad debts to the tune of Rs 521.61 crore during the fiscal.
During 2014-15, the company received capital support of Rs 600 crore.
For the current fiscal, we have not sought any capital infusion, he said.
Outstanding infrastructure advances have grown to Rs 26,997 crore from Rs 23,881 crore a year earlier.
The company declared a dividend of 8 per cent amounting to Rs 283 crore in favour of Government of India which holds its entire equity share.
The company which runs infrastructure debt fund, IIFCL Mutual Fund, is planning to raise more funds this fiscal. It may be to the tune of Rs 2,500 crore for funding infrastructure projects.
With regard to its UK subsidiary, IIFC (UK), he said the company has made incremental disbursement of USD 515 million during 2014-15 which accounts nearly 50 per cent of cumulative disbursements made in the first six years till March 2014. (PTI)
Trending Now
E-Paper
Follow our WhatsApp channel