Indian Railways Finance Ltd, the market lending arm of Indian Railways, reported on Friday that profit after tax for FY22 rose 37.90 per cent to Rs 609 crore. Indian Railway Finance Corporation (IRFC) said in a statement that in the last fiscal year, the company reported a profit after tax (PAT) of Rs 4,416 crore.

Operating income rose 28.71 per cent to Rs 2,029.827 crore in the current fiscal year compared to Rs 1,577.022 crore a year ago. Income from operations in 4QFY22 rose 16.39 per cent to Rs 5,931.12 crore, compared to Rs 5,095.81 crore reported in Q3.

Net assets at the end of FY22 stood at Rs 41,000 crore, up 14.15 per cent from the Rs 36,000 crore reported in FY21. As of March 31, 2022, the company’s assets under management stood at Rs 4,152.38 crore, an increase of 15.32 per cent. The company’s earnings per share (EPS) also rose to Rs 4.66 as of March 31, 2022, compared to Rs 3.66 a year ago, up 27.32 per cent.

“The company continues to raise capital from domestic and foreign financial markets at the most competitive rates and terms, which helps keep borrowing costs low,” the IRFC said in a statement.

The board has recommended a final dividend of Rs 0.63 per share with a par value of Rs 10 per share for FY22, subject to shareholders’ approval at the ensuing annual general meeting. This is in addition to the interim dividend of Rs 0.77 per share declared on November 1, 2021, resulting in a total dividend of Rs 1.40 per share.

Amitabh Banerjee, Chairman and Managing Director of IRFC, said: “The financial performance of IRFC has been rising and strong against the backdrop of timely raising funds from domestic and foreign markets at the most competitive prices.”

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He further stated that IRFC is committed to contributing to India’s determination to develop and expand the infrastructure sector, especially the railway sector. He added that the high borrowing of Rs 66,500 crore received by the Ministry of Railways in FY23 is evidence of this.