Online BusinessIIFCL FY09 profit rises by five fold at Rs 70 cr
India Infrastructure Finance Company (IIFCL) today reported five-fold jump in net profit at Rs 70 crore for the fiscal year ended March 2009.
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The company had a net profit of Rs 14.10 crore in the previous fiscal.
Total income of the company during 2008-09 increased over five-fold to Rs 634.86 crore, the company said in a statement.
However, the total expenses increased from Rs 86.67 crore to Rs 485.15 crore, mainly on account of cost of borrowings.
IIFCL since its inception in 2006 has sanctioned Rs 18,714 crore to 108 infrastructure projects.
Of these, 103 projects have achieved financial closure where the company"s commitment is Rs 13,668 crore.
During 2008-09, the company disbursed Rs 3,197 crore compared to Rs 1,541 crore during 2007-08, which represents a growth of 107 per cent.
The company has so far disbursed nearly Rs 5,900 crore in 89 cases.
Of the assisted projects, 11 have achieved Commercial Operation Date (CoD), while another 7 highway projects are expected to achieve CoD shortly, it said.