IFCI Q4 net loss widens to Rs 566 cr on higher provisioning for bad loans

Infrastructure term lender IFCI Ltd reported a 78 per cent rise in its standalone net loss to Rs 566.64 crore in the last quarter ended March 2017-18, due to higher provisioning for bad loans and write off.

The state-owned lender had posted a net loss of Rs 317.90 crore in the same period of previous fiscal.

There was a write off and provisions for bad assets to the tune of Rs 1,111.18 crore during the March quarter, more than double from Rs 499.63 crore in the year-ago period.

Income from operations, however, increased to Rs 734.33 crore during January-March period of 2017-18 compared to Rs 577.53 crore in same period a year ago, IFCI said in regulatory filing.

For the full fiscal, the company's net loss widened by 120 per cent to Rs 1,008.51 crore from Rs 458.49 crore in 2016-17.

Income stood at Rs 2,701.29 crore, down from Rs 2,739.73 crore.

On consolidated basis, IFCI registered a net loss of Rs 971.52 crore in 2017-18 as against Rs 324.27 crore in 2016-17.

Income during the fiscal were at Rs 3,445.24 crore from Rs 3,579.12 crore in the previous fiscal.

IFCI said during the fiscal there was a change in accounting policy and this led to an increase in its loss by Rs 32.17 crore.

Stock of the company closed 1.16 per cent down at Rs 17.05 apiece on BSE today.