IRFC IPO: Low Risk Business Profile, Says IDBI Capital
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IDBI Capital Report
Indian Railway Finance Corporation (registered as non-banking finance company) is wholly owned by the Government of India and administered through the Ministry of Railways.
IRFC is a market borrowing arm of Indian railways and is primarily in the business of leasing operations and financing of project assets.
In FY20, asset under management of IRFC grew by 32.4% YoY and disbursement by 35.9% YoY.
IRFC saw a strong growth during FY20, net interest income grew at 16.2% versus 9.2% in FY19, pre-provision operating profit by 14.8% versus 9.9% in FY19, profit after tax saw a strong growth of 49.2% versus 6.9% in FY19 as it is not required to pay minimum alternate tax.
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