Indian Railway Finance Corporation’s 2021-22 Profit Increased 38 Percent
New Delhi:
Indian Railway Finance Corporation Limited (IRFC), the lending arm of Indian Railways, posted a 37.90 percent growth in after-tax profits at Rs 6,090 crore in 2021-2022 on Friday.
In the previous fiscal year, the company had reported its after-tax profit (PAT) at Rs 4,416 crore, IRFC said in a statement.
Turnover from operations for 2021-22 grew 28.71 percent and stood at Rs 20,298.27 crore this fiscal year from Rs 15,770.22 crore a year ago.
Operations revenue for the fourth quarter of 2021-2022 grew 16.39 percent to Rs 5,931.12 crore, from Rs 5,095.81 crore reported in the third quarter.
Equity at the end of 2021-22 was Rs 41,000 crore, an increase of 14.15 percent, against Rs 36,000 crore reported in 2020-21. The assets under management of the company were Rs 4,15,238 crore as of March 31, 2022, a growth of 15.32 percent.
The company’s earnings per share (EPS) also rose to Rs 4.66 on March 31, 2022, compared to Rs 3.66 a year ago, an increase of 27.32 percent.
“The company continues to fundraise at the most competitive rates and terms, both in its domestic and foreign financial markets, which has helped to keep borrowing costs low,” the IRFC said in a statement.
The board of directors has recommended the final dividend of Rs 0.63 per share of the par value of Rs 10 each for 2021-22, subject to shareholder approval at the subsequent Annual General Meeting. This is in addition to the interim dividend of Rs 0.77 per share announced on November 1, 2021, bringing the total dividend to Rs 1.40 per share.
Amitabh Banerjee, Chairman and Chief Executive Officer of IRFC, said: “IRFC has shown a consistent rising and strong financial performance by raising funds at the most competitive rates and at the right time in the domestic and international markets.”
He further said that IRFC is committed to contributing to India’s determination to develop and expand the infrastructure sector with a special impetus for the railway sector. This is amply demonstrated by the high loan mandate of Rs 66,500 crore for 2022-23 received from the Ministry of Railways.
