IRFC shares plunge after Q4 results, dividend announcement; Miniratna announces market borrowing plan
IRFC said funds under the proposed borrowing programme (Rs 50,000 crore) will be raised for different maturities, through different instruments, depending upon the actual requirement and asset-liability position.
- May 25, 2023,
- Updated May 26, 2023 9:46 AM IST
Indian Railway Finance Corporation (IRFC) saw its shares falling over 4 per cent in Thursday's trade after the company reported 11 per cent year-on-year (YoY) drop in net profit at Rs 1,327.70 crore for the March quarter compared with Rs 1,492.50 crore in the corresponding quarter last year.
Interest income rose to Rs 1,998.50 crore from Rs 1,913 crore YoY while lease income jumped to Rs 4,237 crore from Rs 4,018.10 crore YoY, the company said in a BSE filing. Total revenue for the quarter stood at Rs 6,236 crore from Rs 5,931 crore YoY.
Following the development, the stock fell 4.22 per cent to hit a low of Rs 32.41 on BSE. The Miniratna company’s board announced a final dividend of Re 0.70. The company had announced an interim dividend of Re 0.80 in the past, taking the total dividend for FY23 to Rs 1.50.
The company board has approved the authorisation of market borrowing by IRFC during the year FY24. Funds
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Under the proposed borrowing programme, up to Rs 50,000 crore will be raised for different maturities, through different instruments, depending upon the actual requirement of funds, asset-liability position and prevailing market conditions, IRFC said.
The company board has designated Sunil Kumar Goel, Group General Manager (Finance) as the Chief Financial Officer (CFO) and key managerial personnel (KMP) of the company with effect from May 25. He would replace Ms. Shelly Verma who is chairman & Managing Director (Additional Charge), CEO and Director Finance of the company.
Meanwhile, the company board has given its consent to shift the registered office of the company from room Nos.1316-1349, 3rd Floor, Hotel The Ashok, Diplomatic Enclave, 50-8, Chanakyapuri, New Delhi-110021 to UG floor, East Tower, NBCC Place, New Delhi-110003 (new) with effect from July 1 within the local limits of city.
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Indian Railway Finance Corporation (IRFC) saw its shares falling over 4 per cent in Thursday's trade after the company reported 11 per cent year-on-year (YoY) drop in net profit at Rs 1,327.70 crore for the March quarter compared with Rs 1,492.50 crore in the corresponding quarter last year.
Interest income rose to Rs 1,998.50 crore from Rs 1,913 crore YoY while lease income jumped to Rs 4,237 crore from Rs 4,018.10 crore YoY, the company said in a BSE filing. Total revenue for the quarter stood at Rs 6,236 crore from Rs 5,931 crore YoY.
Following the development, the stock fell 4.22 per cent to hit a low of Rs 32.41 on BSE. The Miniratna company’s board announced a final dividend of Re 0.70. The company had announced an interim dividend of Re 0.80 in the past, taking the total dividend for FY23 to Rs 1.50.
The company board has approved the authorisation of market borrowing by IRFC during the year FY24. Funds
Also Watch: LIC shares jump post Q4 results; analysts bullish, say accumulate. Check target price, stop loss and more
Under the proposed borrowing programme, up to Rs 50,000 crore will be raised for different maturities, through different instruments, depending upon the actual requirement of funds, asset-liability position and prevailing market conditions, IRFC said.
The company board has designated Sunil Kumar Goel, Group General Manager (Finance) as the Chief Financial Officer (CFO) and key managerial personnel (KMP) of the company with effect from May 25. He would replace Ms. Shelly Verma who is chairman & Managing Director (Additional Charge), CEO and Director Finance of the company.
Meanwhile, the company board has given its consent to shift the registered office of the company from room Nos.1316-1349, 3rd Floor, Hotel The Ashok, Diplomatic Enclave, 50-8, Chanakyapuri, New Delhi-110021 to UG floor, East Tower, NBCC Place, New Delhi-110003 (new) with effect from July 1 within the local limits of city.
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