• Shares of Indian Railway Finance Corporation Limited (IRFC) climbed over 8% to a record high of ₹28.7
Shares of Indian Railway Finance Corporation Ltd (IRFC) soared over 8% to hit a record high of ₹28.7 on the BSE in afternoon deals on Monday, taking its initial public offering (IPO) share price from ₹26. was above
IRFC's public issue was open for subscription from January 18-20, 2021 last year with a price band of ₹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 reported a 14% increase in its net profit at ₹1,714 crore for the second quarter ended September 30, 2022, as against ₹1,501 crore in the same quarter last fiscal.
Revenue from operations during the quarter also increased by about 24% to ₹5,810 crore as compared to ₹4,690 crore reported in the corresponding period last year. Meanwhile, the company had total assets of ₹43,549 crore and assets under management (AUM) of ₹4,39,070 crore as on September 30, 2022.
The company's board also approved an interim dividend of 8 per cent of face value of ₹10 each, which amounts to ₹0.80 per share, for 2022-23. Cumulative funding by IRFC for the Indian Railways sector crossed the ₹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 and profit during the year under review (FY 2021-22). The total capital outlay (Capital Expenditure) of the Ministry was ₹1.9 lakh crore, of which the disbursement was ₹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.
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