For the quarter ended December 2011 IFCI reported a 6% increase in income from operations compared to corresponding previous year period while net profit of the company fell 25% to Rs 114.05 crore. Lower profit is attributable to lower profit from sale of shares due to subdued capital market.
Profit before provisions and other income for the current quarter stands at Rs 157 crore vis-a-vis Rs 238 crore in the corresponding quarter in previous year. However, after excluding profit from sale of shares, the same stands at Rs 155 crore for the current quarter vis-a-vis Rs 129 crore in the corresponding quarter in previous year registering a growth of 19.8%.
Profit before provisions and other income for the current nine months stands at Rs 540 crore vis-a-vis Rs 651 crore in the corresponding period in previous year. However, after excluding profit from sale of shares, the same stands at Rs 505 crore for the current period vis-a-vis Rs 338 crore in the corresponding period in previous year registering a growth of 49.3%.
Performance for the Quarter ended December 2011
For the quarter ended December 2011 IFCI reported a 6% increase in income from operations to Rs 673 crore compared to corresponding previous year period. Other income of the company rose 175% to Rs 7.44 crore. As a result total income rose 7% to Rs 680.44 crore. Interest expended for the quarter increased by 34% to Rs 488.15 crore while operating expenses fell 24% to Rs 24.53 crore. Operating profit as a result plunged 31% to Rs 167.76 crore.
Provision for bad debts stood at Rs 0.62 crore compared to write back of bad debts of Rs 18.49 crore while depreciation increased by 24% to Rs 3.18 crore. The PBT stood at Rs 163.96 crore, down by 37%. Tax provisions fell 53% to Rs 49.91 crore. The net profit for the period stood at Rs 114.05 crore, down by 25% y-o-y.
Performance for the nine months ended December 2011
For the nine months ended December 2011 IFCI reported a 16% increase in income from operations to Rs 2018.67 crore compared to corresponding previous year period. Other income of the company rose 37% to Rs 30.11 crore. As a result total income rose 16% to Rs 2048.78 crore. Interest expended increased by 40% to Rs 1386.24 crore while operating expenses fell 7% to Rs 85.04 crore. Operating profit as a result decreased 15% to Rs 577.50 crore.
Write back of bad debts decreased 2% to Rs 105.16 crore while depreciation remained flat at Rs 7.68 crore. The PBT stood at Rs 674.98 crore, down by 13%. Tax provisions fell 25% to Rs 230.61 crore. The net profit for the period stood at Rs 444.37 crore, down by 6% y-o-y.
Other Highlights
- Sanctions and disbursements for the 9 months ended December, 2011 stand at Rs 4,014 crore and Rs 4,917 crore respectively
- Return on Interest Earning Assets (incl. funds deployed) has risen from 10.9% as at March 31, 2011 to 11.7% for the current 9 months.
- Net Interest Margin stands at 2.3% in the 9 months ended December 31, 2011.
- Interest Earning Assets and Standard Loans to Borrowers stands increased to Rs 19,643 crore and Rs 16,405 crore respectively as at December 31, 2011 from Rs 18,653 crore and Rs 15,940 crore respectively as at March 31, 2011, registering a growth of 5.3% and 2.9% respectively.
- Fresh borrowings of Rs 4,504 crore (including Bonds of Rs 1,059 crore eligible for Tier II Capital) were mobilized at a weighted average rate of 10.73% p.a. and weighted average tenure of 5.78 years during the current nine months.
- Weighted Average Cost of borrowing for the current nine months stands at 9.0% vis-a-vis 8.3% in the corresponding period in the previous year.
- Borrowings as at December 31, 2011 have increased to Rs 21,297 crore from Rs 19,265 crore as at March 31, 2011, registering a growth of 10.6%.
- The Net Worth as at December 31, 2011 stands at Rs 4,206 crore vis-a-vis Rs 3,762 crore as at March 31, 2011.
- Book Value (excluding Revaluation Reserve) stands at Rs 57 per share as at December 31, 2011 against Rs 51 per share as at March 31, 2011. Book Value (including Revaluation Reserve) stands at Rs 70.1 per share as at December 31, 2011 against Rs 64.2 per share as at March 31, 2011.
- Capital Adequacy Ratio stands at 20.15%.
- Business Assets as at December 31, 2011 have increased to Rs 25,057 crore from Rs 23,045 crore as at March 31, 2011, registering a growth of 8.73%.
- The balance-sheet size stood at Rs 27,848 crore as at December 31, 2011 vis-a-vis Rs 25,528 crore as at March 31, 2011, showing a growth of 9.1%. Balance-sheet size has almost doubled since 01.04.2008 when it stood at Rs 14,574 crore
Currently IFCI is quoting at around Rs 25.25
IFCI: Standalone Results
| Particulars | 1112(3) | 1012(3) | Var. (%) | 1112(9) | 1012(9) | Var. (%) | 1103(12) | 1003(12) | Var. (%) |
| Income from operations | 673.00 | 635.84 | 6 | 2018.67 | 1742.73 | 16 | 2421.64 | 1657.05 | 46 |
| Other Income | 7.44 | 2.71 | 175 | 30.11 | 22.02 | 37 | 64.73 | 22.28 | 191 |
| Total Income | 680.44 | 638.55 | 7 | 2048.78 | 1764.75 | 16 | 2486.37 | 1679.33 | 48 |
| Interest expenses | 488.15 | 363.03 | 34 | 1386.24 | 993.42 | 40 | 1318.97 | 891.18 | 48 |
| Operating expenses | 24.53 | 32.42 | -24 | 85.04 | 91.09 | -7 | 141.19 | 111.72 | 26 |
| Operating profits | 167.76 | 243.10 | -31 | 577.50 | 680.24 | -15 | 1026.21 | 676.43 | 52 |
| Write off/Provision of B/D | 0.62 | -18.49 | PL | -105.16 | -107.64 | -2 | -150.32 | -447.81 | -66 |
| Depreciation | 3.18 | 2.56 | 24 | 7.68 | 7.71 | 0 | 10.28 | 8.98 | 14 |
| PBT | 163.96 | 259.03 | -37 | 674.98 | 780.17 | -13 | 1166.25 | 1115.26 | 5 |
| Tax Provision | 49.91 | 106.11 | -53 | 230.61 | 306.95 | -25 | 460.00 | 444.32 | 4 |
| PAT | 114.05 | 152.92 | -25 | 444.37 | 473.22 | -6 | 706.25 | 670.94 | 5 |
| EPS*(Rs) | 6.2 | 8.3 | | 8.0 | 8.6 | | 9.6 | 9.1 | |
* Annualized on current equity of Rs 737.84 crore.
Face Value: Rs 10
Figures in Rs crore
LP: Loss to profit;
PL: Profit to loss
Source: Capitaline Corporate Database |