Miniratna Public Sector Enterprise Indian Railway Finance Corporation (IRFC) announced its financial results for the quarter ended March 31, 2024, today. The company posted a 33.6 per cent year-on-year (YoY) rise in its net profit to ₹1,717 crore versus ₹1,285 crore in thesame period a year ago.
Meanwhile, total revenue from operations for the March quarter also rose 1.73 per cent to ₹6,473 crore from ₹6,193 crore last year.
Also read: Q4 Results Today: ONGC, IRFC, Bharat Electronics, among others, to announce earnings on May 20
For the year ended FY24, the Miniratna public sector company’s net profit stood at ₹6,412 crore, compared to ₹6,167 crore in FY23.
IRFC also announced that the company has recommended the final dividend of ₹0.70 per equity share of ₹10 for the financial year 2023-24. “Board of Directors has recommended the final Dividend of Rs. 0-70 (Rupees Seventy Paisf per equity share of ₹10/- each for the financial year 2023-24, subject to the approval of shareholders at the ensuing Annual General Meeting (AGM),” the company said in its exchange filing.
It further added, “This is in addition to the Interim Dividend of ₹0.80/—per equity share declared on 2nd November 2023, thereby making the total dividend for the Financial Year 2023-24 to ₹1.50 per share, on the face value of ₹10/—each. The Final Dividend for the financial year 2023-24 of ₹0-70 per share, if declared at the ensuing AGM, will be paid to the shareholders within 30 days from the date of theAGM.”
The company further announced that the board has approved raising resources for the financial year 2024-25 up to ₹50,000 crores from domestic and international markets.
Also read: Q4 results so far: Total revenue up 10.6%, bottom line rises 10.1%
“Board of Directors of Indian Railway Finance Corporation Limited approved raising of resources for the financial year 2024-25 up to Rs. 50,000 crores from both domestic and international market, through a prudent mix of Tax-Free Bonds, Taxable Bonds on private placement or public issue basis, including Capital Gain Bonds u/s 54EC of Income Tax Act, Government Guaranteed Bonds, Govt. Serviced Bonds, zero coupon bonds, Perpetual bonds, subordinated bonds, market-linked bonds, Environment, Social and Governance (ESG) Bonds, Separately Transferable Redeemable Principal Parts (STRPP) or any other bonds/debentures, on private placement or public issue basis, Loans from Banks and other Financial Institutions, Institutional Financing, Securitization of future lease receivables, ECBs etc.,” the company said.
IRFC stock gained over 10 per cent on Friday last week, closing at ₹173 per share, against the previous close at ₹157.65 on Thursday. The IRFC shares have rallied over 125.50 per cent in the last six months.
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Published: 20 May 2024, 05:59 PM IST