IFCI net rises 4.29 times in Sep `07 Qtr
Leading lender to corporates, IFCI, disclosed a phenomenal jump in the net profit for the quarter ended September 2007. During the quarter, the company experienced a 4.29 times rise in profit to Rs 4,972.90 million from Rs 1,158.30 million in the quarter ended September 2006.
Net sales for the reporting quarter stood at Rs 5,916 million.
Total income rose 83% to Rs 5,956 million for the quarter ended September 2007 from Rs 3,254.70 million for the same period last year.
The basic and diluted EPS, after extraordinary items, stood at Rs 4.85 in the quarter ended September 2007
Half Yearly Result:
On half yearly basis, IFCI, has disclosed a phenomenal jump in the net profit for the half year ended in September 2007. During the period, the company experienced a 7.42 times rise in profits to Rs 7,441.50 million from Rs 1,002.20 million in the half year ended September 2006.
Operating income for the half year ended September 2007 rose 63.61% to Rs 9,415.50 million from Rs 5,754.50 million in the half year ended September 2006.
Total income rose 85.83% to Rs 10,811.70 million for the half year ended September 2007 from Rs 5,817.80 million for the same period last year.
The diluted EPS after extraordinary items, stood at Rs 7.29 for the half-year ended September 2007.
Highlight of the quarter:
IFCI initiated the process of inducting strategic investor, by offloading its stake.
The Reserve Bank of India (RBI) notified that foreign institutional investors (FIIs) can now purchase shares of IFCI under portfolio investment scheme (PIS), through the secondary market in India.
The Business:
IFCI, incorporated in 1948 by the Government of India, is engaged in providing credit to all segments of the Indian industry. The company is involved in the activities of project finance, financial services, non-project specific assistance, and corporate advisory services.
IFCI also provides equipment finance, equipment credit, and equipment leasing, corporate loans, short-term loans and working capital loans to meet the specific needs of corporate.
Shares of the company gained Rs 3.5, or 4.13%, to settle at Rs 88.15. The total volume of shares traded was 10,314,031 at the BSE.(Monday)
