IIFCL consolidated net profit more than triples in FY21 to Rs 325 crore

The non-banking financial company said it had brought down its net non-performing assets to 5.4 percent in 2020-21 from around 9.75 percent in 2019-20 and said it aims to reduce NPAs to around 4 percent in 2021-22.

Yaruqhullah Khan

June 22, 2021 / 16:07 IST

IIFCL's cumulative sanctions as of March 31 stood at Rs 1.6 lakh crores having risen Rs 20,892 crore in 2020-21 [Image: Shutterstock]

India Infrastructure Finance Co Ltd (IIFCL), on June 22, reported a nearly 250 percent jump in its consolidated net profit for 2020-21 (April-March) to Rs 325 crore as the company's sanctions and disbursements soared.

The non-banking financial company said it has brought down its net non-performing assets to 5.4 percent in 2020-21 from around 9.75 percent in 2019-20 and said it aims to reduce NPAs to around 4 percent in 2021-22.

The state-owned company's management said on June 22 that it was looking to focus on long-term financing of infrastructure projects in the roads and railways sector to reduce its NPAs.

The company also launched a real-time infrastructure project monitoring system, which it expects will help project financers monitor the development of projects across the country on a real-time basis and will help in reducing delays in the projects. It is also working to set up an in-house research and advisory wing.

IIFCL's management also said that it was not looking to merge itself with the newly set up National Bank for Financing Infrastructure and Development.

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