Latest News | IFCI Reports Rs 43 Cr Net Loss in Jul-Sep

New Delhi, Nov 11 (PTI) Infrastructure term lender IFCI Ltd on Wednesday reported a consolidated net loss of Rs 43.30 crore in the second quarter ended September of the current fiscal.

The company had posted a net profit of Rs 32.32 crore in the same quarter a year ago. Sequentially, net loss narrowed from Rs 301.32 crore in June 2020 quarter.

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Total income increased to Rs 859.10 crore in July-September period of 2020-21 from Rs 709.51 crore in the same quarter of 2019-20, IFCI said in a regulatory filing.

Interest income grew to Rs 645.49 crore during the quarter under review from Rs 519.54 crore a year ago.

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The company has maintained an additional provision of Rs 397.15 crore on standard assets as per RBI's prudential norms, it said.

Besides, its board also approved an increase in the authorised equity share capital of the company from Rs 2,000 crore to Rs 4,000 crore, subject to requisite approvals from the shareholders and any other authority, as may be required, it said.

Shares of IFCI on Wednesday closed 0.16 per cent lower at Rs 6.06 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)