IIFCL, a state-owned infrastructure lender, said it recorded “highest-ever” standalone net profit at ₹1,076 crore in 2022-23. This is more than double the net profit of ₹514 crore recorded in the previous financial year.
Emboldened by the strong performance, IIFCL is now aiming to double its net profit for current financing to over Rs 2,000 crore, PR Jaishankar, Managing Director, said business.
For current financing, IIFCL is eyeing a disbursement target of 17,000 crore compared to 13,826 crore in 2022-2023.
To finance the expected business growth, IIFCL plans to raise ₹16,000 crore – mainly debt from multilateral financial institutions, domestic financial institutions and the public market. “We will tap the domestic mass market this financial year and look to raise around ₹2,000 crore through non-convertible bonds,” Jaishankar said.
Pawan K Kumar, Deputy Managing Director of IIFCL, said that on a consolidated basis, IIFCL recorded a net profit of around Rs 1,400 billion in 2022-23.
Jaishankar also expressed confidence that IIFCL will return to the dividend list in 2023-24.