IFCI will hold a meeting of the Board of Directors of the Company on 10 August 2021.

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IFCI has received revision in credit rating from Brickwork Ratings as under:

Long term debt instruments - BWR BBB-; Negative (downgraded from BWR BBB+; Negative)

Proposed NCD - BWR BBB-; Negative (downgraded from BWR BBB+; Negative)

Secured NCD - BWR BBB+; Negative (downgraded from BWR A+; Negative)

Proposed commercial paper - BWR A3+ (downgraded from BWR A2+)

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The PSU company reported a 98.17% drop in total income to Rs 15.76 crore in Q4 FY21 as against Rs 858.99 crore in Q4 FY20. The result was announced after market hours on Monday, 28 June 2021.

The company posted a pre-tax loss of Rs 662.94 crore in Q4 FY21 compared with pre-tax loss of Rs 512.60 crore in Q4 FY20. Provisions & Write offs tumbled 72.1% to Rs 209.33 crore in Q4 FY21 over Q4 FY20.

The NBFC registered a consolidated net loss of Rs 1,911.68 crore in the year ended March 2021 (FY21) compared with Rs 223.21 crore in the year ended March 2020 (FY20). Total income slumped 28% to Rs 2,093.81 crore in FY21 over FY20.

IFCI is a non-banking financial company (NBFC) engaged in the business of financing companies. The company is also engaged in providing other credit granting services. Its products and services include financial products and corporate advisory services. Its financial products include debt segment and equity segment.

As of 31 March 2021, the Government of India held 61.02% stake in the company.

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Net Loss of IFCI reported to Rs 854.20 crore in the quarter ended March 2021 as against net loss of Rs 572.82 crore during the previous quarter ended March 2020. Sales declined 80.99% to Rs 177.12 crore in the quarter ended March 2021 as against Rs 931.82 crore during the previous quarter ended March 2020.

For the full year,net loss reported to Rs 1941.51 crore in the year ended March 2021 as against net loss of Rs 230.44 crore during the previous year ended March 2020. Sales declined 28.10% to Rs 2066.36 crore in the year ended March 2021 as against Rs 2873.90 crore during the previous year ended March 2020.

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