IRFC Q1 results: Indian Railway Finance Corporation (IRFC) announced a 1.64 per cent rise in net profits at ₹1,576.83 crore for the April to June quarter of the financial year 2024-25, compared to ₹1,551.27 crore in the same quarter of the previous year, according to the company’s filing on the Bombay Stock Exchange (BSE) on Monday, August 11.
The public sector non-banking financial company (NBFC) recorded a 1.37 per cent increase in the revenue from operations at ₹6,765.63 crore for the first quarter of the financial year 2024-25, compared to ₹6,673.87 crore in the same period the previous year.
IRFC shares closed 2.64 per cent higher at ₹184.55 after Monday’s trading session, compared to ₹179.80 in the previous day’s close. The company declared their first quarter results after the market operating hours.
The non-banking lender’s interest income fell 14.64 per cent to ₹1,819.03 crore in the April to June quarter of the financial year 2024-25, compared to ₹2,131.25 in the same quarter of the previous year.
IRFC’s net profits were able to increase slightly due to the rise in the income from the company’s leasing activities, which saw an 8.89 per cent hike year-on-year at ₹4,946.60 crore for the current financial year, compared to ₹4,542.62 in the same period the previous year, as per the company filing.
The company’s financing costs have increased by 1.25 per cent in the first quarter at ₹5154.91 crore for the current financial year, compared to ₹5090.97 crore in the same quarter the previous year.
IRFC is the funding arm of Indian Railways, a public sector NBFC that mobilizes funds in the domestic and foreign markets to meet the budgetary requirements of Indian Railways, according to the company’s website.
The Indian Railway Finance Corporation has funded the acquisition of 13,349 locomotives, 73,979 passenger coaches and 2,59,661 freight wagons since its inception in December 1986, as per the company.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
