IRFC Q4 net profit grows 34% to Rs 1,717 cr; board approves Rs 50,000 cr fund raising plan

New Delhi: Indian Railway Finance Corporation (IRFC) Ltd on Monday reported a 34 per cent rise in its profit to Rs 1,717.3 crore for the March 2024 quarter on account of higher income.

It had clocked a profit of Rs 1,285.2 crore during the fourth quarter of the last fiscal, the state-owned company said in a regulatory filing.

The company's total income rose to Rs 6,477.9 crore in the January-March quarter from Rs 6,230.2 crore in FY23.

During the period under review, its expenses stood at Rs 4,760.6 crore as against Rs 4,945 crore a year ago.

Besides, the board of the company also approved a final dividend of 70 paise per share for the FY 2023-24.

The board of directors also approved the raising of resources for the financial year 2024-25 up to Rs 50,000 crore from both domestic and international markets.

It will be raised "through a prudent mix of tax-free bonds, taxable bonds on private placement or public issue basis", including capital gain bonds, government guaranteed bonds, and government serviced bonds.

The primary objective of IRFC, under the Ministry of Railways, is to meet the predominant portion of extra budgetary resources (EBR) requirement of the Indian Railways through market borrowings at the most competitive rates and terms.