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Indian Railway Finance Corporation Ltd (IRFC), Indian Railways' finance arm, reported a 37.9% growth in profits as profit for the year ended on 31st March 2022 came in at Rs 6,090 crores. The company reported a profit of Rs 4,416 crores last year.
The IRFC is the market borrowing arm of Indian Railways. Their primary objective is to meet the predominant portion of the 'Extra Budgetary Resources' requirement of the Indian Railways through market borrowings at the most competitive rates and terms. The company's principal business is to borrow funds from financial markets to finance the creation/acquisition of assets that are then leased out to the Indian Railways.
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Revenue for the quarter improved by 16.4% from Rs 5,096 crores last year to Rs 5,931 crores this year. For FY22, the company's revenues grew 28.7% to Rs 20,298 crores as opposed to Rs 15,770 crores. The company's net worth came in at Rs 41,000 crore, growing 14% YoY. Its Assets Under Management improved significantly as the same stood at Rs 415,238 crores at the end of FY22. EPS of the company registered a growth of 27.3% as the figure for the year was Rs 4.66 per share.
"The company continues to raise funds at the most competitive rates and terms, both from the domestic and overseas financial markets, which has helped to keep the cost of borrowings low," IRFC said in a statement.
Along with the announcement of results, the company also announced that its Board approved the authorization of market borrowing by IRFC during FY23, the present mandated amount of which is Rs 66,500 crores which will be mobilized through both domestic and international markets. The IPO of IRFC was launched on 18th January 2021 where the issue size was roughly Rs 4,634 crores. Every share was priced at Rs 26 each.
The share had listed at a discount of Rs 24.90 per share and closed at Rs 21.50 per share. The share had sharply declined till April 2021 after which it recovered and moved upwards. However, the stock has been falling ever since November 2021 with a few days of relief in between. The share closed at Rs 21.50 per share yesterday, marking a loss of 17.3% ever since its launch.
Article by Aman Agarwal.
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