IFCI, a term-lending institution which is now classified as a non-banking finance company, today reported a four-fold rise in its net profit for the second quarter of 2007-08 compared with a year earlier, on account of income received from the sale of assets. | |
| IFCI's net profit in the second quarter of 2007-08 was Rs 497.29 crore, up from Rs 115.83 crore a year earlier. |
| |
| The company's total income grew 83 per cent to Rs 595.6 crore in the September quarter from Rs 325.4 crore a year earlier. The income from sale of assets was Rs 591.6 crore. |
| |
| The company did not report any operating income for the quarter. The total expenditure stood at Rs 152.18 crore at the end of September. |
| |
| IFCI has been categorised by the Reserve Bank of India (RBI) as a systemically important non-deposit taking non-banking finance company (NBFC-ND-SI) since the second quarter of 2007-08. |
| |
| NBFCs with minimum assets of Rs 100 crore are considered systemically important. IFCI, which was making losses since 2000, posted a net profit of Rs 874 crore in 2006-07. |
| |
|
| |
