Infrastructure term lender IFCI Ltd on Friday reported a consolidated net loss of Rs 717.99 crore for the third quarter ended December as expenses ballooned amid a drop in income.
The company had posted net profit of Rs 335.38 crore in the same period a year ago.
Consolidated total income during Q3 FY21 was down by 11.2 per cent at Rs 610.12 crore as against Rs 687.36 crore in the same quarter of FY20, IFCI said in a regulatory filing.
Total expenses swelled to Rs 1,471.13 crore as against Rs 681.84 crore earlier, mainly because of a Rs 984.23 crore impairment on financial instruments.
In accordance with RBI's regulatory package related to COVID-19, IFCI said it has maintained an additional provision of Rs 397.15 crore on standard assets and has not recognised such loans as stage 3 (NPA).
Besides, in terms of an interim order passed by the Supreme Court in September, the company said 53 borrowable accounts were not declared as NPA till August 2020 and shall not be classified as NPA till further orders.
"The company has not classified any account as NPA which was not NPA as on August 31, 2020 and has not categorized such accounts as stage 3," it said.
Stock of IFCI closed 0.22 per cent down at Rs 9.01 apiece on BSE.