Traffic and pedestrians cross a bridge over the Gomti river in Lucknow, Uttar Pradesh, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

Q1 Results: IFCI Suffers A Net Loss Of Rs 340 Crore

Infrastructure sector lender IFCI Ltd. reported a standalone net loss of Rs 340.77 crore for the April-June quarter of the ongoing financial year.

The company had a net profit of Rs 277.05 crore in the year-ago period, according to its exchange filing. Its total income declined to Rs 673 crore in the first quarter from Rs 907 crore a year ago.

The company’s total expenses rose to Rs 1,191 crore, which include Rs 664 crore for impairment losses on financial assets. IFCI said it’s one of the lenders in various cases, which have been referred to the National Company Law Tribunal.

“In terms of clarification received by the company from the Reserve Bank of India, the company was classifying its loan accounts, including NCLT cases, and was calculating the provisions required,” it said.