Capitaline

Results 21-May-24

Analysis

Indian Railway Finance Corporation

NII jumps 35% in Q4FY24

Indian Railway Finance Corporation has recorded 4% growth in income from operations to Rs 6477.02 in the quarter ended March 2024 (Q4FY2024). The interest expenses of the company have declined 3% to Rs 4724.72 crore, leading to 35% surge in the net interest income (NII) to Rs 1748.84 crore in Q4FY2024.

The operating expenses of the company dipped 27% to Rs 33.72 crore. The depreciation stood at Rs 1.73 crore, while the provisions were at Rs 0.50 crore in Q4FY2024.

PBT jumped 34% to Rs 1717.32 crore in Q4FY2024 over Q4FY2023. The tax expenses were nil in Q4FY2024 as well as Q4FY2023. The net profit moved up 34% to Rs 1717.32 crore in Q4FY2024.

Book value of the company stood at Rs 37.6 per share end March 2024.

Financial performance FY2024

The income from operation of Indian Railway Finance Corporation increased 12% to Rs 26645.36 crore in FY2024. Interest expenses increased 15% to Rs 20101.47 crore, while other expenses were flat at Rs 136.83 crore, leading to 4% decline in the gross profit to Rs 6417.62 crore.

Depreciation declined 33% to Rs 9.44 crore and provisions were written back amounting to Rs 3.93 crore. PBT rose 4% to Rs 6412.1 crore. Profit after tax moved up 4% to Rs 6412.10 crore in FY2024 with nil tax provisions.

Indian Railway Finance Corporation: Results
	2403 (3)	2303 (3)	Var %	2403 (12)	2303 (12)	Var %
Income from operations	6473.56	6194.02	5	26645.36	23721.97	12
Other Income	4.43	36.25	-88	10.56	40.80	-74
Total Income	6477.99	6230.27	4	26655.92	23762.77	12
Interest Expenses	4724.72	4894.70	-3	20101.47	17447.21	15
Other expenses	33.72	46.40	-27	136.83	137.26	0
Gross profit	1719.55	1289.17	33	6417.62	6178.30	4
Depreciation	1.73	3.32	-48	9.44	14.06	-33
Provisions	0.50	0.62	-19	-3.93	-2.91	35
Profit before tax	1717.32	1285.24	34	6412.10	6167.16	4
Provision for tax	0.00	0.00	-	0.00	0.00	-
Net profit	1717.32	1285.24	34	6412.10	6167.16	4
EPS*(Rs)	5.3	3.9		4.9	4.7
Adj BV (Rs)	37.6	34.2		34.8	34.8
*EPS annualised on current equity capital of Rs 13068.506 crore of face value of Rs 10 each Figures in Rs crore Source: Capitaline Corporate Databases

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