NEW DELHI, MAY 15, 2024: The India Infrastructure Finance Company Limited (IIFCL) has announced its all-time high performance, for fourth year in a row. The company recorded highest ever Annual Sanctions and Disbursements of Rs. 42,309 Crore and Rs. 22,356 Crore respectively, during the FY 2023-24, surpassing the previous years’ figures of Rs. 29,171 Crore and Rs. 13,826 Crore respectively, a y-o-y growth of ~45% and ~62% respectively.
The Cumulative Sanctions and Disbursements stood at Rs. 2,55,687 Crore and Rs. 1,28,004 Crore as of March 31, 2024, of which, ~46% of the Cumulative Sanctions and ~44% of the Cumulative Disbursements achieved in the last four years. The Consolidated Sanctions and Disbursements of IIFCL stood at ~Rs. 2.97 Lakh Crore and ~Rs. 1.48 Lakh Crore as of March 31, 2024.
IIFCL registered its highest ever Profit before Tax (PBT) of Rs. 2,029 Crore, recording a growth of ~59% over previous year’s PBT of Rs. 1,277 Crore. The Profit after Tax (PAT) grew by ~44% over the previous year to Rs. 1,552 Crore in the FY 2023-24 (up from Rs. 1,076 Crore in FY 2022-23), a ~30x increase over PAT of FY 2019-2020.
Enhanced Net worth
The company’s Net worth grew ~11% to Rs. 14,266 Crore in FY 2023-24 (up from Rs. 12,878 Crore in FY 2022-23 and ~38% over Rs. 10,306 Crore of FY 2019-20), thereby opening additional window of opportunity for IIFCL to lend more to infrastructure projects by enhancing the exposure limits.
Growth with Quality As of March 31, 2024, IIFCL has been able to improve its asset quality with a significant decline in Gross NPA ratio to 1.61% (down from 4.76% in the previous year and 19.70% as on March 2020) and Net NPA ratio to 0.46% (down from 1.41% in the previous year, which stood at 9.75% as on March 2020).
The proportion of IIFCL’s assets rated ‘A’ and above increased to ~88% as of March 31, 2024 (up from ~72% as of March 2023 and ~43% in March 2020), indicating continuous improvement in the quality of company’s assets.
The company recorded y-o-y growth of ~21% in its Standalone Portfolio to Rs. 51,017 Crore in FY 2023-24 from Rs. 42,271 Crore in FY 2022-23. In order to boost the availability of longer-tenor debt finance for infrastructure projects, IIFCL
ventured into investment in Infrastructure Bonds and InvITs in FY 2021-22. Since then, the company has recorded a substantial increase in the investments made in Bonds and InvITs with Rs. 8,467 Crore and Rs. 11,600 Crore respectively, as on March 31, 2024.
The IIFCL is a government-owned financial institution that caters to the long-term financing needs of India’s infrastructure sector. It is amongst the most diversified public sector infrastructure lenders in terms of eligible infrastructure sub-sectors and product offerings. IIFCL is also active in providing inputs and policy support in infrastructure financing space to the Government through various forums, with an aim to promote and develop world-class infrastructure in India.
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