Indian Railway Finance Corporation Ltd. Net Profit for

Indian Railway Finance Corporation Ltd. Net Profit for 9M FY2021 grows by 15.65% on YoY basis, board declares dividend of Rs. 1.05 per share

IRFC posted profit growth of 15.65% to Rs.2934 Crore for the nine months ended 31st December, 2020 from Rs.2537 Crore for the corresponding nine months in the previous year.

IRFC has declared an interim dividend of Rs 1,380 crore translating to Rs.1.05 per share for the financial year 2020-21, on a face value of Rs 10 per equity share.

Indian Railway Finance Corporation Limited (“IRFC” or the “Company”) the dedicated market borrowing arm of the Indian Railways posted profit growth of 15.65% to Rs.2934 Crore for the nine months ended 31^st December, 2020 from Rs. 2,537 Crore for the corresponding nine months in the previous year. The total revenue from operation grew by 10.76% on YoY basis for the same period to stand at Rs. 11,315.51 crore. The Board of Directors of IRFC has declared an interim dividend of Rs 1,380 crore translating to Rs.1.05 per share for the financial year 2020-21, on a face value of Rs 10 per equity share.

The annual disbursement for IRFC grew more than tenfold to Indian Railways, from Rs. 11,000 crore in FY 2014-15 to Rs. 1.13 lakh crore mandated for the FY 2020-21. The Assets Under Management (AUM) is set to cross Rs. 3.75 trillion at the end of the current fiscal, registering a Compounded Annual Growth Rate (CAGR) of around 30 per cent over the last five years.

Commenting on the financial results, Shri Amitabh Banerjee, Chairman and Managing Director, IRFC, said, “The massive investment plan that Indian Railways has drawn for the growth, expansion and modernization of Indian Rail System in the current decade and the fact that a significant portion of the funding requirement is to be met through IRFC, there will be a sustained growth in revenue and profitability in future. This can be substantiated by the results which we have witnessed for the 9M FY2021 results. We are also happy to announce a dividend of Rs. 1.05 per share to our shareholders.”

The Company has been able 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. The Company’s papers command a premium of at least 20 to 30 bps in the domestic financial market and 50 to 60 bps in the overseas financial markets as compared to its peers.

This can be attributed to the strong linkages with the Government, highest possible credit rating from the domestic credit rating agencies and rating at par with sovereign from international credit rating agencies, strong financials with zero Non-Performing Assets and strong Capital Adequacy Ratio of more than 400%, which is unique to a finance company and its constant endeavor for optimum diversification of borrowing portfolio in terms of markets, instruments and investors.

Shri Amitabh Banerjee, also added, “The Company is in the process of drawing strategies for making selective forays into areas having forward and backward linkages with Railways with the backing of the Government of India, that will give further boost the growth in revenue and profitability of the Company and help it fulfill the expectations of the millions of its shareholders, who have reposed their faith and confidence in IRFC.”

Pramod Films - Official Clarification on

Pramod Films - Official Clarification on Production no2- MAARA.

We are happy to announce that the shooting of “Maara” starring R.Madhavan & Shraddha
Srinath was completed before the outbreak of Covid 19 pandemic.

The post-production work and re recording will commence soon. We are strictly adhering to the
SOPs laid down by the Government and are keeping the safety of our team members on
top priority.

Ghibran is composing music for 'Maara' and Thamarai is penning lyrics, the film is being
edited by Bhuvan Srinivasan. Dhilip Kumar, who has directed many ad films and a Tamil
film ‘Kalki’ that won huge recognitions with its release on Netflix is helming this project.
There are lot more prominent names in the Cast & Crew that will be a surprise factor,
which will be revealed shortly.

The RBI policy announcement in response to

Quote:

“The RBI policy announcement in response to the fallout of COVID pandemic is timely. The reduction in policy rate by 40 bps under the assumption that growth in FY21 will be negative is an appropriate move to support economic activity. 

Uncertainty associated with pandemic, normalization of economic activity and relaxation made in social distance makes it imperative that policy response is calibrated and swift. In this context, extension of moratorium till August 31, enlargement of the Large Exposure Framework and option to convert accumulated interest for moratorium period into term loan are welcome measures. 

On the export side, increase in export credit period to 15 months from 1 year and buttressing EXIM Bank through Rs 15,000-cr line of credit is also timely.

Overall, the successive measures by RBI and Government indicates the desire to go full throttle to support the economy in current unprecedented times!”

Quote by Rajnish Kumar

Quote by Rajnish Kumar, Chairman, SBI on the announcements made by FM

“The policy bouquet unveiled by the Government is well-structured, suitably targeted, within reasonable fiscal limits but still having the maximum impact. The measures for MSME through guarantees, equity infusion and debt support will incentivize bank lending to MSMEs as well as providing crucial support to stressed entities in the current situation. The proposed definitional change for MSME sector based on turnover is progressive and is perfectly synchronized with the GSTN framework. 

It is time that we now implement this legislation. The envisaged support of full credit guarantees to the lower rated NBFC and HFC entities will restore stability in financial markets and could act as a clear enabling factor for compressing credit spreads. The steps for real estate sector, postponement of tax returns and reduction of TDS are also important policy milestones that have been announced today”.

IndiGo to resume flight operations from

IndiGo to resume flight operations from May 04 in a phased manner

In its endeavor to reconnect critical air corridors post the lockdown, IndiGo, India’s leading airline, will resume flight operations from May 04, 2020. Initially starting with a slightly curtailed capacity, the airline will increase the operating capacity over the subsequent months, also re-opening selected international flights, depending on the existing international travel guidelines.

Ronojoy Dutta, Chief Executive Officer, IndiGo said, “Complementing the government’s efforts against Covid-19, we will restart flight operations on vital corridors of air traffic from May 04, 2020. We will begin operations for domestic only and then gradually ramp it up further, to commence operations on some international routes as well. Our singular focus will be on ensuring the health of our customers and our employees. We are working closely with the government and the airports to take our aircraft and our airports to a significantly higher level of cleanliness while ensuring social distancing. The airline industry has always done a tremendous job in ensuring the safety of its customers and I am confident we will rise to this latest challenge as well”.

For customers who are affected by the cancellations until 3^rd May’20, the booking amount will be protected in the form of a credit shell under their PNR number, which can be used to make bookings for the same customer(s) on our website or mobile app valid for 1 year from the date of issuance. For any queries, customers can connect with us via live chat at https://bit.ly/2x5T6nv.