IIFCL net profit up 47% at Rs 1,000 cr in 2012-13
New Delhi: India Infrastructure Finance Company Ltd (IIFCL) on Monday said it has recorded 47.4 percent jump in its net profit at Rs 1,000 crore for the year ended March 2013.
The state-owned infrastructure finance company had earned a net profit of Rs 678 crore in the previous fiscal.
The strong net profit performance in 2012-13 is on the back of robust growth in total revenues supported by lower growth in total expenses, IIFCL Chairman and Managing Director S K Goel said here.
"During financial year 2012-13, the company on a consolidated basis, has achieved a business growth of 37 percent in cumulative gross sanctions and 35 percent in cumulative disbursements," he said.
The company disbursed around Rs 30,400 crore including Rs 2,761 crore under Takeout Finance Scheme and Rs 4,418 crore under Refinance Scheme during the year, he said.
On a cumulative basis, he said, IIFCL has sanctioned around Rs 8,000 crore and disbursed around Rs 2,800 crore under the Scheme.
During 2012-13, the company raised long-term resources to the tune of around Rs 7,100 crore from domestic market and multilateral institutions, of which more than 70 percent has been raised on the strength of its own balance sheet without sovereign guarantee.
IIFCL, for the first time raised domestic resources aggregating to Rs 1,100 crore for ultra-long term exceeding 25 years, without sovereign guarantee, which would enable lending for longer tenure to infrastructure sector, he added.
The company has secured registration from SEBI for its Infrastructure Debt Fund viz. IIFCL Mutual Fund, he said, adding, the regulator has also granted approval to IIFCL Asset Management Company Limited (IAMCL) to act as the Asset Management Company for the Mutual Fund.
IIFCL has also been able to secure support of other institutions to act as strategic investors and is in the process of launching its maiden scheme shortly, he added.