IFCI's operational income declined by 36%in the Q3 of FY17 to Rs.577crore from Rs.897 crore in Q3 of the previous year and was also lower by 24% at Rs.763 crore in the immediately preceding quarter ended Sept.30, 2016.This was due to the reversal of income in respect of fresh slippages, pre-payments, low credit offtake and reversal of unrealized interest in respect of SDR/S4A cases, during the quarter.
Operational income for nine months was also lower by 24% at Rs.2,162 crore compared to Rs.2,841 crore in the corresponding period in the previous year due to above reasons.
Net Interest income was lower in the current nine months period at Rs.52 crorevis-à-vis Rs.659 crore in the corresponding previous period again due to above reasons.
There was a loss of Rs.45.17 crore for current quarter as against profit of Rs.14.86crore in immediate previous quarter and profit of Rs.154.33crore in the corresponding quarter in previous year.
The first nine months of FY17 ended with net loss of Rs.140.59 crore compared to net profit of Rs.438.48 crore in corresponding previous period.
One may also like to know that the Industrial Finance Corporation of India (IFCI) was established on July 1, 1948, as the first Development Financial Institution in the country to cater to the long-term finance needs of the industrial sector.By the early 1990s, it was recognized that there was need for greater flexibility to respond to the changing financial systems so that it was given direct access the capital markets for its funds needs. Further in 1993 IFCI was changed from a statutory corporation to a company under the Indian Companies Act, 1956.
IFCI suffers a blow
By IndianMandarins - 2017-02-12 09:45:37
IFCI's operational income declined by 36%in the Q3 of FY17 to Rs.577crore from Rs.897 crore in Q3 of the previous year and was also lower by 24% at Rs.763 crore in the immediately preceding quarter ended Sept.30, 2016.This was due to the reversal of income in respect of fresh slippages, pre-payments, low credit offtake and reversal of unrealized interest in respect of SDR/S4A cases, during the quarter.
Operational income for nine months was also lower by 24% at Rs.2,162 crore compared to Rs.2,841 crore in the corresponding period in the previous year due to above reasons.
Net Interest income was lower in the current nine months period at Rs.52 crorevis-à-vis Rs.659 crore in the corresponding previous period again due to above reasons.
There was a loss of Rs.45.17 crore for current quarter as against profit of Rs.14.86crore in immediate previous quarter and profit of Rs.154.33crore in the corresponding quarter in previous year.
The first nine months of FY17 ended with net loss of Rs.140.59 crore compared to net profit of Rs.438.48 crore in corresponding previous period.
One may also like to know that the Industrial Finance Corporation of India (IFCI) was established on July 1, 1948, as the first Development Financial Institution in the country to cater to the long-term finance needs of the industrial sector.By the early 1990s, it was recognized that there was need for greater flexibility to respond to the changing financial systems so that it was given direct access the capital markets for its funds needs. Further in 1993 IFCI was changed from a statutory corporation to a company under the Indian Companies Act, 1956.
