IFCI posts net profit of Rs 335 crore in Q3

The country's oldest public sector financial institution IFCI Ltd on Thursday reported a consolidated net profit of Rs 335.38 crore in the third quarter ended December. It had posted a net loss of Rs 31.66 crore in October-December quarter of 2018-19, IFCI said in a regulatory filing.

In July-September 2019, IFCI had posted a net profit of Rs 32.33 crore.

Income during the quarter under review fell to Rs 687.36 crore from Rs 761.65 crore in the year-ago period due to decline in interest income, which fell to Rs 464.67 crore from Rs 612.64 crore a year ago.

The company's total expenses during the third quarter came down to Rs 681.84 crore from Rs 884.13 crore in the year-ago period.

"During the current quarter, the company has realised Rs 883.03 crore by sale of equity shares of National Stock Exchange of India (NSE), which was valued at fair value...This resulted in net loss of Rs 1.74 crore, which has been accounted for in the financial statements for the current quarter ended December 31, 2019," it said.

Shares of IFCI on Thursday closed 19.89 per cent higher at Rs 6.81 on the BSE.