Infrastructure term lender IFCI has reported 92 per cent decline in net profit at Rs 14.86 crore for the quarter ending September as income from operations fell.
Company's net profit in the corresponding quarter of 2015-16 stood at Rs 182.61 crore.
"Total income has decreased to Rs 809.34 crore for the quarter ended September 30, 2016 from Rs 1,121.92 crore for the same quarter of the previous fiscal," the company said in a regulatory filing.
The income from operations fell by over 28.3 per cent to Rs 754.14 crore during the quarter as against Rs 1,051.10 crore a year ago.
Also, during current fiscal 2016-17, company's accounting policy for recognising liability on account of post-retirement medical benefit was revised resulting into reduction in profit by Rs 7.30 crore.
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