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IFCI Ltd earns net profit of Rs 11 90 cr during Q2

New Delhi, Nov 14 (UNI) IFCI Ltd, a government company, today reported a net profit of Rs 11.90 crore for the second quarter ended September 30, 2017 (Q@).
After several quarters, IFCI has recorded profit in the second quarter on the back of improved recoveries.
While announcing the result E S Rao, MD & CEO said that for the six months ended September 30, 2017, IFCI reported a net loss of Rs 265 crore on a total income of Rs 1,367.29 crore. This non-banking finance company had reported a net loss of Rs 95.42 crore on a total income of Rs 1,641.78 crore in the same period last fiscal.
Mr Rao said that recoveries are on the fast track with cash recoveries at Rs 587 crore during the first half this fiscal as against Rs 141 crore in the same period last year. In entire 2016-17, IFCI made recoveries to the tune of Rs 834 crore.
For the quarter under review, there were two new NPAs of Rs 100 crore each. IFCI's gross NPAs came down to Rs 7,929 crore from a level of Rs 8,114 crore as of end June.
According to the result, operational income increased in the Q2FY18 at Rs 880 crore compared to Rs 763 crore in Q2FY17 and Rs 460 crore in June 2017 quarter.
Operational income for the HY1FY18, however declined to Rs 1340 crore compared to Rs 1585 crore in HY1FY17 due to slippages of standard cases in March and June, 2017 quarters, low credit off take and pre-payment of standard assets.
The result data shows that Gross NPAs and Net NPAs as at Sept.30, 2017 have increased to 34.8 per cent and 27.3 per cent respectively vis-à-vis 31.9 per cent and 27 per cent as at March, 2017 because of downgrading of certain standard accounts in current half-year and mainly on account of reduction in the loan portfolio due to prepayments. Net NPA ratio has reduced marginally from 28.9 per cent at June 30, 2017.
UNI ADP SHK 1936
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