© Reuters.
NEW DELHI – India Infrastructure Finance Company Limited (IIFCL), India’s state-owned infrastructure finance company, is gearing up to launch an initial public offering (IPO) in the next financial year, Pawan announced today Kumar, Deputy Managing Director of the company, on the occasion of the company’s foundation day celebrations. IIFCL, which plays a key role in financing the country’s infrastructure projects, is currently in the process of obtaining necessary government approvals for the IPO.
The announcement follows IIFCL’s strong financial performance in the previous financial year, during which the company saw its net profit skyrocket to 1,076 crore ($1 = ₹83.11), a figure which is double the profit recorded in FY23. This significant growth in profitability has been attributed to increased lending activities and a substantial reduction in non-performing assets (NPAs).
Looking ahead, IIFCL is optimistic about the current financial year, anticipating record loan sanctions expected to exceed ₹40,000 crore.
This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&Cs.
2024-01-06 01:10:26
#IIFCL #prepares #IPO #fiscal #year #expects #record #number #loan #awards #Investing.com
