IRFC shares hit record high; IPO trading above issue price

The public issue of IRFC was open for subscription last year with a price band of January 18-20, 2021. 25- 26. The shares of the company made their market debut on January 29, 2021. IRFC shares are up nearly 23% so far in 2022.

IRFC reports 14% rise in its net profit 1,714 crore in the second quarter ending September 30, 2022 as compared to earning a profit of Rs. 1,501 crore in the corresponding quarter of the previous financial year.

Revenue from operations also grew by nearly 24% during the quarter 5,810 crore as against 4,690 crore reported in the corresponding period of the previous year. Meanwhile, the company’s net worth remained 43,549 Crore and Assets Under Management (AUM). 4,39,070 crore by September 30, 2022.

The board of the company also approved an interim dividend of 8 per cent of the face value. 10 each, ie 0.80 per share for 2022-23. Cumulative funding by IRFC to Indian Railways sector exceeded 5.05 lakh crore mark by the end of Q2 FY23.

Addressing the 35th Annual General Meeting (AGM) of IRFC, Chairman and Managing Director, Amitabh Banerjee said, “IRFC achieved all-time high revenue during the year under review (FY 2021-22) and Ministry of Railways for 2021-22 The total capital outlay (Capital expenditure) was 1.9 lakh crore, of which the disbursement against the same was significant 60,683 crore, which was 31.4% of the total capital outlay for 2021-22.

IRFC is a dedicated market borrowing arm of the Indian Railways and is wholly owned by the Government acting through the Ministry of Railways. Its primary business is the acquisition of rolling stock assets and project assets of the Indian Railways and on-lending to other entities under the Ministry.