Indian Railway Finance Corp. announced that the 34th Annual General Meeting (AGM) of the company will be held on 29 September 2021.

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Total income during the quarter increased 24.9% YoY to Rs 4,581.61 crore. Net worth at the end of Q1 FY 2021-22 stands at Rs 37,416.50 crore up by 19.95% as against Rs 31,192.96 crore in Q1 FY 2020-21.

Total borrowings to end of Q1 FY 2021-22 stands at Rs 3,28,347.35 crore up by 40.22% as against Rs 2,34,165.15 crore reported to end of Q1 FY 2020-21. The assets under management (AUM) to end of Q1 FY2021-22 stands at Rs 3,66,155.16 crore.

The company said it continues to raise funds at the most competitiverates and terms both from the domestic and overseas financial markets, which has helped keep its cost of borrowing low.

Amitabh Banerjee, chairman and managing director, IRFC, said, The investment outlay by Indian Railways has been the main driver of growth at IRFC, as a significant portion of the funding requirement is to be met through IRFC. The consistently strong financial results of IRFC tell the tale of the immense growth in the railway infrastructure of the country.

In view of the massive railway infrastructure investment envisaged as per National Rail Plan 2030, IRFC can foresee a sustained growth in revenue and profitability in the coming years, in view of IRFC financing a major portion of the CAPEX outlay of Indian Railways, especially over the last 6 years.

IRFC is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets. The Government of India held 86.36% stake in the company as on 30 June 2021.

The scrip shed 0.21% to end at Rs 23.85 on the BSE.

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Net profit of Indian Railway Finance Corporation rose 68.42% to Rs 1501.95 crore in the quarter ended June 2021 as against Rs 891.81 crore during the previous quarter ended June 2020. Sales rose 24.86% to Rs 4581.56 crore in the quarter ended June 2021 as against Rs 3669.22 crore during the previous quarter ended June 2020.

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Indian Railway Finance Corporation announced that Corporate Identification Number (CIN) of the Company has been changed from “U65910DL1986G01026363” (old) to “L65910DL1986GO0I026363 (New) reflecting the listing status.

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