Indian Railway Finance Corporation Ltd. posts all-time high revenue

Indian Railway Finance Corporation Ltd. posts all-time high revenue
and profit numbers for FY21

·         For Q4FY2021 IRFC’s PAT grew by more than 126% on YoY basis to stand at Rs. 1,482.55 crore vs. Rs. 654.63 crore reported in Q4FY2020

·         IRFC posted profit growth of 38.34% to Rs. 4,416.13 Crore for the fiscal ended 31st March, 2021 from Rs. 3,192.06 Crore for fiscal ended 31^st March, 2020

·        IRFC’s total revenue from operation for Fiscal 2021 stood at Rs. 15,770.47 crore as against Rs. 13,421.09 crore for Fiscal 2020

Indian Railway Finance Corporation Limited (“IRFC” or the “Company”) the dedicated market borrowing arm of the Indian Railways posted profit growth of 126% on YoY basis for Q4 FY 2020-21 to stand at Rs. 1,482.55 crore vs. Rs. 654.63 crore reported in Q4FY2020.

The net profit for FY2020-21 grew by 38.34% to Rs. 4,416.13 Crore as against Rs. 3,192.06 Crore for the corresponding financial year ended 31^st March, 2020. The total revenue from operation grew by 17.50% on YoY basis for the same period to stand at Rs. 15,770.47 Crore.

The annual disbursement for IRFC grew by 46.19% on YoY basis from Rs. 71,392 crore in FY 2019-20 to Rs. 1,04,369 crore for the FY 2020-21. The Assets Under Management (AUM) for FY2020-21 stands at Rs. 3,60,079  crore as against Rs. 2,66,137 crore registering a growth of 35.29% on YoY basis.

The capital adequacy ratio of IRFC continues to remain strong at 415.85% for FY 2020-21 as against 395.39% for FY 2019-20. The Company continues to raise funds at the most competitive rates and terms both from the domestic and overseas financial markets which has helped to keep its cost of borrowing low.

Corporate Social Responsibility remains to be a focal area for IRFC as the company spent Rs. 93.44 crore for FY 2020-21 as compared to Rs. 49.45 crore for FY 2019-20.  

Commenting on the financial results, Shri Amitabh Banerjee, Chairman and Managing Director, IRFC, said, “IRFC continued to show strong growth momentum both in terms of revenue and profit during the financial year driven by the massive investment outlay of Indian Railways which is on an expansion and modernization drive. There will be sustained growth in revenue and profitability going forward as a major portion of the funding requirement of Indian Railways is to be met through IRFC.”

ICICI Prudential Life declares bonus of

ICICI Prudential Life declares bonus of ` 788 crore

•             15% higher bonus vis-à-vis last fiscal

•             ~9 lakh policyholders move a step closer to achieving their long term financial savings goals

 ICICI Prudential Life Insurance has announced a bonus totaling ` 788 crore for its bouquet of participating products. A bonus is the share of profits generated by the Company's participating policyholder's funds. All participating policies inforce as of March 31, 2020 are eligible to receive this bonus, which will be added to their guaranteed maturity or death benefit.

This is the 14th consecutive year the Company has declared a bonus and delivered long term value to policyholders. The bonus declared for FY2020 is 15% higher than the last fiscal enabling ~9 lakh policyholder to get one step closer to achieving their financial goals.

Participating products offer safety of capital while helping build a savings pool to achieve one's financial goals. During the last fiscal, the Company had launched one such product, Lakshya, which preserves capital while facilitating creation of a savings pool. This feature rich product further incentivises policyholders who embark early on their savings journey, remain invested over the long term and commit a larger amount towards savings. Besides, it provides additional incentives to women encouraging them to save for their long term financial goals.

Mr. N S Kannan, Managing Director & CEO, ICICI Prudential Life Insurance said, "Policyholders depend on us to ensure the fruition of their long term financial goals and the bonus of ` 788 crore declared for FY2020 will take them a step closer to it. The mantra to build a long term savings pool is staying committed to the regular contributions for the tenure of the product. Participating savings products offer smoothened returns while providing insulation from market variations. Lakshya, which we launched last year, is well-suited for customers with a low risk appetite."