Latest News | IFCI Q2 Loss Widens to Rs 445 Cr

New Delhi, Nov 11 (PTI) Long-term infrastructure term lender IFCI Ltd on Thursday reported widening of consolidated net loss to Rs 444.72 crore for the quarter ended September 2021 due to fall in income and higher expenses.

The company incurred a net loss of Rs 43.30 crore in the year- ago period. The loss in June quarter 2021-22 was Rs 692.46 crore.

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Total income in the quarter fell 56.6 per cent to Rs 373 crore, as against Rs 859.10 crore in the same period of 2020-21, IFCI said in a regulatory filing.

Expenses exceeded earnings at Rs 929.73 crore in the quarter. They were at Rs 976.70 crore in the year-ago period, and Rs 1,274.36 crore in the preceding June quarter.

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The company received Rs 200 crore on March 15, 2021 from the government towards subscription to the share capital during financial year 2020-21 as share application money in lieu of 14,59,85,401 allotment of equity shares on a preferential basis, it said.

IFCI said it has changed the company's accounting policy whereby interest income on stage 3 assets (except on assets which are standard under IRAC norms ) shall not be recognized in books of accounts with effect from April 1, 2021.

Accordingly, interest income is lower by Rs 93.53 crore (net of ECL/expected credit loss) for the period under review.

The company's stock settled at Rs 12.25 on BSE, down 1.92 per cent from the previous close.

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