IFCI (IFCI) Q4 93/94 earnings summary

Executive summary

• Restructured from a statutory corporation into a company effective 1 July 1993; reported operating and financial results cover July 1993–March 1994, a 9-month period.

• Sanctions totaled Rs 2,790.58 crore for 325 projects; annualized sanctions were 27% higher than in the prior 15-month period.

• Recommended a 20% p.a. equity dividend on paid-up capital, proportionate to the 1993–94 period.

Financial highlights

• Profit before tax was Rs 143.03 crore and profit after tax was Rs 110.29 crore, versus Rs 167.90 crore and Rs 142.90 crore, respectively, in the prior 15-month period.

• Total disbursements were Rs 1,431.54 crore, compared with Rs 2,464.10 crore in the prior 15-month period; cumulative disbursements reached Rs 12,545.13 crore.

• Total outstanding assistance portfolio was Rs 9,201.94 crore at 31 March 1994.

• Annualized YoY comparisons: total income increased 16.43%, pre-tax profit 41.98%, and net profit 28.64%; periods compared were 9 months and 15 months.

Outlook and guidance

• Streamlining regional and branch-level loan account management was underway and expected to provide greater operational flexibility as its scope widened.

• New Delhi corporate office construction was in progress, with completion expected by early 1995.