IFCI announced that ICRA has revised the ratings of debt instrument of IFCI as under -

Fund based Bank Limits from '[ICRA] BBB' to '[ICRA] BBB-'; Long Term Bonds(including Subordinated Debt) from '[ICRA] BBB' to '[ICRA] BBB-'; Bonds / NCD(Public Issue) from '[ICRA] BBB' to '[ICRA] BBB-'. The outlook on these Long TermRatings is negative.

The rating on Short Term Instruments — Commercial Paper has been revised from'[ICRA] A3+ to [ICRA] A3'.

Rating Rationale for downgrade has essentially factored the requirement of capitalinfusion, divestment from non-core assets (including investment in subsidiaries),stepping up the recovery from NPA to support capital and liquidity profile.

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IFCI announced that Kiran Sandev, Nominee Director, LIC, has resigned fromthe Board of Directors of the Company. Her resignation is effective from 29 November 2019.

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Net profit of IFCI reported to Rs 32.33 crore in the quarter ended September 2019 as against net loss of Rs 5.53 crore during the previous quarter ended September 2018. Sales rose 6.91% to Rs 667.55 crore in the quarter ended September 2019 as against Rs 624.39 crore during the previous quarter ended September 2018.

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Net profit of IFCI reported to Rs 8.69 crore in the quarter ended September 2019 as against net loss of Rs 16.55 crore during the previous quarter ended September 2018. Sales rose 22.01% to Rs 528.23 crore in the quarter ended September 2019 as against Rs 432.93 crore during the previous quarter ended September 2018.

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