Indian Railway Finance Corporation announced that Fitch ratings has revised the outlook of Indian Railway Finance Corporation (IRFC) to 'Stable' from 'Negative'. The revised rating of IRFC is “BBB- Rating Outlook Stable”.

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The Board of Indian Railway Finance Corporation (IRFC) at its meeting held on 20 May 2022 has approved the approved the authorisation of market borrowing by IRFC during the year 2022-23. Present mandated amount of funds of Rs. 66,500 crore or the revised mandated amount as intimated by MoR will be mobilized through both domestic and international market, through a prudent mix of Taxable Bonds on private placement basis, including Capital Gain Bonds u/s 54EC of Income Tax Act, Government Guaranteed Bonds, Government Serviced Bonds, Loans from Banks, Institutional Financing, Securitization of future lease receivables, ECBs etc,, at appropriate time during the financial year 2022-23. It is further informed that to meet the borrowing target mandated by MoR, Company raise the funds at regular intervals.

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Net profit of Indian Railway Finance Corporation rose 0.67% to Rs 1492.50 crore in the quarter ended March 2022 as against Rs 1482.55 crore during the previous quarter ended March 2021. Sales rose 33.15% to Rs 5931.72 crore in the quarter ended March 2022 as against Rs 4454.97 crore during the previous quarter ended March 2021.

For the full year,net profit rose 37.90% to Rs 6089.84 crore in the year ended March 2022 as against Rs 4416.13 crore during the previous year ended March 2021. Sales rose 28.72% to Rs 20299.26 crore in the year ended March 2022 as against Rs 15770.47 crore during the previous year ended March 2021.

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Indian Railway Finance Corp. will hold a meeting of the Board of Directors of the Company on 20 May 2022.

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