Amitabh Banerjee who is the Chairman and Managing Director of IRFC said that strong growth momentum has been shown by the corporation in its revenue and profit
For the Q4 FY21, the Indian Railway Finance Corporation (IRFC) reported a growth of 126 percent in the profit at Rs 1,483 crore. During the same period in the last fiscal year, it had reported a profit of Rs 655 crore. In FY21, the revenue from operations was at Rs 15,770 as it grew by 17 percent. According to a report in ANI, in FY20, the net profit was at Rs 3,192 crore which increased by 38 percent in FY21 to Rs 4,416 crore.
Amitabh Banerjee who is the Chairman and Managing Director of IRFC said that strong growth momentum has been shown by the corporation in its revenue and profit. As per Banerjee, this has been boosted by the massive investment outlay of Indian Railways. Currently, the railways are working towards modernisation and expansion, said the MD.
Stating that a significant portion of the railways funding requirement is going to be met through IRFC, Banerjee said that there is going to be sustained growth in revenue and profitability in the times to come.
According to the report, the capital adequacy ratio is at 416 percent. The cost of borrowing has been maintained low while the IRFC has raised funds from both international and domestic markets at competitive rates and terms.
The publication further mentions that in FY21, the corporation’s annual disbursements have increased to Rs 1.04 lakh crore. This is a rise of 46 percent from Rs 71,392 crore in FY20.
Additionally, there has also been a growth of 35 percent in the assets under management. It has increased from Rs 2.6 lakh crore in the previous to Rs 3.6 lakh crore now.