- Shares of IRFC surged nearly 5% to Rs25.95 per share on the BSE on Tuesday
Indian Railway Finance Corporation (IRFC) on Tuesday reported a Q4 standalone net income at ₹1,482.5 crores as compared to ₹654.6 crores within the same quarter last year. The revenue witnessed a growth of 39% at ₹4,455 crores as against ₹3,205 crore year-on-year (YoY).
Shares of IRFC surged after the earnings announcement because it was up nearly 5% to ₹25.95 per share on the BSE on Tuesday.
The company’s total expenses for the fourth quarter stood at ₹2,972.4 crore as compared to ₹2,551 crores within the corresponding quarter of the previous fiscal.
The company said that it’s adopted measures to curb the spread of covid infection so as to guard the health of its employees and ensure business continuity with minimal disruption.
”The Company has evaluated the impact of this pandemic on its business operations and supported its review and current indicators of future economic conditions, there’s no significant impact on its financial results. However, the impact assessment of COVID-19 could also be a continuing process given the uncertainties related to its nature and duration, and accordingly, the impact may be different from that estimated as at the date of approval of those financial results,” it said within the exchange filing.
IRFC may be a dedicated market borrowing arm of the Indian Railways and is wholly owned by the govt acting through the Ministry of Railways. Its primary business is financing the acquisition of wheeled vehicle assets and project assets of the Indian Railways and lending to other entities under the ministry.