IFCI posts net loss of Rs 177 cr for Dec qtr

Infrastructure term lender IFCI Ltd today reported widening of standalone net loss to Rs 176.87 crore for the December quarter of the current fiscal.
The company had registered a net loss of Rs 45.17 crore for the October-December quarter of last fiscal.
Its total income rose slightly to Rs 655.53 crore during the quarter under review, as against Rs 635.55 crore in the year-ago period, IFCI said in a regulatory filing.
The entire financial sector is under stress due to the burden of non performing assets, significantly in the infrastructure and iron and steel sectors, the company said in a separate statement.

"IFCI is no exception in the financial sector and large amount of slippage in standard assets to non standard assets in 2016-17 has impacted the operational income and the net earnings," it added.
The IFCI stock closed 2.17 per cent down at Rs 24.80 on BSE.