IIFCL aims loan sanctions of Rs 35,000 crore, Rs 2,000 crore profit in FY24

IIFCL aims loan sanctions of Rs 35,000 crore, Rs 2,000 crore profit in FY24

State-owned IIFCL looks to nearly double its loan sanctions and disbursement during the current financial year to fund infra projects in the country.

Regarding loan sanctions, the company is aiming at Rs 35,000 crore while the disbursement target is about Rs 20,000 crore during the current financial year, IIFCL managing director P R Jaishankar told PTI.

On the back of high expected growth in business, the company is also aiming for a nearly 100 per cent increase in the bottomline to Rs 2,000 crore during the year. India Infrastructure Finance Company Ltd (IIFCL) reported a two-fold jump in standalone net profit to Rs 1,076 crore for the fiscal ended March 2023.

The company had posted record performance with the highest-ever sanctions and disbursements at Rs 29,171 crore and Rs 13,826 crore, respectively in 2022-23. To fund business growth, Jaishankar said the company plans to raise over Rs 16,000 crore during the current financial year.

Resources would be mobilised mainly debt from multilateral financial institutions, domestic financial institutions and public markets, he said. "We will tap the domestic public market this fiscal and look to raise about Rs 2,000 crore through non-convertible debentures", Jaishankar said.

Besides, he said, the company continued to add value as its networth increased to Rs 12,878 crore in 2023-23 from Rs 11,737 crore in the preceding fiscal. The company's net worth has increased by 28 per cent in about two years which is direct tangible value to the government, he said.

He said that the recovery would be a focus area during the year. The company had made a recovery of Rs 1,349 crore during FY 2022-23 compared to Rs 780 crore during the previous fiscal.