IFCI's consolidated net loss widens to Rs 584 crore in March quarter

Infrastructure term lender IFCI Ltd reported a widening of its consolidated net loss to Rs 584.19 crore for the quarter ended March 2020

Infrastructure term lender IFCI Ltd has reported widening of its consolidated net loss to Rs 584.19 crore for the quarter ended March 2020.

The lender had posted a net loss of Rs 86.15 crore during the corresponding January-March period of 2018-19.

Income during the quarter, however, rose to Rs 858.99 crore from Rs 637.61 crore on the back of healthy interest income, IFCI Ltd said in a regulatory filing on Friday.

However, there was loss on account of fee and commission income, which was nearly at the same level of FY19.

For the full fiscal 2019-20, the company narrowed its net loss to Rs 223.21 crore as against Rs 475.99 crore in FY19.

Income during the year fell to Rs 2,905.68 crore from Rs 3,134.49 crore a year ago.

IFCI further said the company board at its meeting held on Friday approved Resource Planning Policy for borrowing up to Rs 25,000 crore (excluding temporary loans obtained from bankers in ordinary course of business) at any point of time through loans / bonds/ debentures.

Also, during FY20, the company realised Rs 904.25 crore by sale of equity shares of National Stock Exchange of India Ltd (NSE), which was valued at fair value as per Ind-AS norms in earlier financial statements.

This resulted in a net loss of Rs 1.46 crore, which has been accounted for in the financial statements for the quarter/year ended March 31, 2020.

On the COVID-19 outbreak, it said the impact will not be significant on its business and financial position.