Millennium Post

IFCI April-June net up 71% to Rs 95 cr

State-owned term lender IFCI on Tuesday reported 71 per cent jump in net profit at Rs 95 crore for the first quarter ended June due to gains from treasury operations. The company had posted a net profit of Rs 55 crore for the corresponding quarter of 2013-14.

After announcing results IFCI Managing Director Malay Mukherjee said the company intends to disinvest its entire stake in IFCI Financial Services Ltd (I-FIN) during the current fiscal. IFCI holds about 94 per cent stake in I-FIN. It has appointed a consultant for selling its stake. I-FIN is primarily involved in stock broking, investment banking, mutual fund distribution, insurance products distribution etc. Total income of the company rose to Rs 736.55 crore from Rs 561.53 crore a year ago. ‘Profit has surged mainly due to gain from treasury operations and increase in net interest income,’ he said.
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