Signals, Powered By EquityPandit
Infrastructure sector lender IFCI Limited (previously Industrial Finance Corporation of India) reported a standalone net loss of for the June-end quarter of the current fiscal year at Rs. 340.77 crores. The company had reported a net profit of Rs. 277.05 crores in the corresponding quarter of the previous year.
According to the regulatory filing, Its total income declined to Rs. 673 crores in the first quarter of the current fiscal year against Rs 907 crores a year ago same quarter period.
The company’s total expenses during the quarter under review jumped to Rs 1,191 crores, which includes impairment losses on financial assets at Rs. 664 crores. IFCI said it’s one of the lenders in various cases, which have been referred to the National Company Law Tribunal.
IFCI said, “In terms of clarification received by the company from the Reserve Bank of India, the company was classifying its loan accounts, including NCLT cases, and was calculating the provisions required.”
