Net profit rises 68% to Rs 1,501.95 crore in June quarter

IRFC Q1 Results: Net Profit Up 68% YoY

Indian Railways Finance Corporation (IRFC) announced its April-June quarterly results for the financial year 2021-22, reporting a net profit of Rs 1,501.95 crore, compared to Rs 891.81 crore for the corresponding quarter of last year. The net profit of the wholly-owned subsidiary of the Ministry of Railways rose 68.42 percent year-on-year in the first quarter of the current fiscal year.

The company’s operating revenue in the June quarter was Rs 4581.61 crore compared to Rs 3669.22 crore in the corresponding period last year, registering a growth of 24.87%. year-over-year, according to a regulatory filing by the company with the stock exchange.

At the end of the April-Juen quarter, IRFC’s net worth stood at Rs. 37,416.50 crore from Rs. 31,192.96 crore, an increase of 19.95% year-on-year the other. The public sector company’s net profit in the previous January-March quarter of the 2020-21 financial year stood at Rs 1,483 crore, while operating income stood at Rs 15,770 crore rupees.

“The capital expenditure of Indian Railways has been the major driver for the growth of IRFC as a significant part of the funding requirement has to be met by IRFC,” said Amitabh Banerjee, Chairman and Managing Director of the IRFC.

”Given the massive investments in rail infrastructure envisioned under the National Rail Plan 2030, IRFC can expect sustained revenue and profitability growth in the years to come, given IRFC’s funding of ‘a significant portion of Indian Railways’ CAPEX expenditure, especially over the past six years,’ he added.

On Friday, August 13, shares of IRFC fell 0.21% to 23.85 rupees each on BSE.

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