IRFC Q2 profit rises 14% to Rs 1,714 crore

New Delhi: Indian Railway Finance Corporation (IRFC) on Thursday reported a 14 per cent increase in its profit at Rs 1,714 crore in the second quarter ended September 30, 2022.

The company, which is the dedicated market borrowing arm of the Indian Railways, had earned a profit of Rs 1,501 crore in the same quarter of previous year.

The revenue from operations for Q2 FY23 also grew by 23.88 per cent to Rs 5,810 crore as against Rs 4,690 crore reported in the same period of last year, IRFC said in a statement.

Net worth stood at Rs 43,549 crore and Assets Under Management (AUM) at Rs 4,39,070 crore as on September 30, 2022, it said.

The board of the company also approved an interim dividend of 8 per cent of face value of Rs 10 each, that is Rs 0.80 per share for 2022-23, it said.

The cumulative funding to the Indian railway sector by IRFC has crossed Rs 5.05 lakh crore mark by the end of the Q2 FY23.

Commenting on the financial results, Shelly Verma, CMD (Addl. Charge) & Director (Finance) said: "The growth story of Indian Railways sector is depicted in the robust financial numbers of IRFC. The cumulative funding to the Indian Railway sectors by IRFC has crossed Rs. 5.05 trillion mark by the end of the Q2 FY2022-23. The Company has played a critical role in augmenting the annual plan outlay of Indian Railways by way of mobilizing funds from all across the financial spectrum."