The state-owned India Infrastructure Finance Company Ltd (IIFCL) intends to go public in the next fiscal year, according to Managing Director P R Jaishankar. "We are reviewing the listing...hopefully it will be completed next fiscal year." "IIFCL has reached a point where we can unlock value for the government," he stated on the sidelines of the company's foundation day.
The corporation would begin the consultation process as soon as possible, he said, adding that several approvals, including those from the government, are required. When asked about the amount of stake dilution, he stated that a decision would be made after a thorough deliberation.
IIFCL is currently owned entirely by the Government of India. In terms of performance, he stated that the corporation has been consistent on both topline and bottomline dimensions. He anticipates a profit of Rs 1,500 crore in FY24.
IIFCL reported a two-fold increase in standalone net profit for FY23 to Rs 1,076 crore, boosted by increased lending and a reduction of bad loans. The infrastructure lender reported record sanction and disbursement figures of Rs 29,171 crore and Rs 13,826 crore, respectively.
Since its foundation, the business has lent Rs 2.5 lakh crore to 750 infrastructure projects. As of December 2023, the company had a profit of Rs 1,189 crore and loan sanctions of Rs 30,315 crore, outperforming the previous fiscal results by three quarters.
Given the demand thus far, he predicted that the loan sanction will exceed Rs 40,000 crore by March 2024. He emphasized IIFCL's role in funding the next phase of infrastructure growth and the spate of reforms required to take the infrastructure sector to the next level.
Gross non-performing assets (NPAs) and net NPA ratios have been steadily declining, and as of September 30, 2023, they stood at 3.77 percent and 0.85 percent, respectively. When asked about the company's profit target for the coming year, Jaishankar stated that it is Rs 2,000 crore. During the event, IIFCL Deputy Managing Director Pawan K Kumar stated that the company has enhanced the credit of instruments worth Rs 2,500 crore.
