Icici To Report Audited Results Every Month

Industrial Credit & Investment Corporation of India (ICICI) will soon start declaring monthly audited financial results.

As the FI has decided to tap the markets on a continuous basis to meet the cash credit disbursements at 13.5 per cent medium-term lending rate, it would immediately go in for quarterly audited financial results and soon move towards monthly audited financial results, a senior ICICI official said in Mumbai yesterday.

We will have our first quarterly financial result by June this year, the official said, adding that the move was to impart greater transparency as ICICI would be looking to the markets often to raise resources.

 

The official said ICICI would be the first Indian organisation to declare audited quarterly financial results. Once it had adjusted to the quarterly auditing, transition to a monthly auditing system would not be difficult, he said.

The official said it was common practice among corporates to declare unaudited financial results every quarter to their financiers banks and financial institutions to get advances.