India Infrastructure Finance Co. Ltd (IIFCL) has posted record standalone loan sanctions and disbursements at ₹25,120 crore and ₹10,445 crore, respectively, in FY22, in a continuation of last year’s performance.
Accordingly, the infrastructure financier’s standalone net profit soared 80% to ₹514 crore from ₹285 crore in FY21.
IIFCL also continued to add value as its net worth swelled to ₹11,737 crore in FY22 from ₹10,654 crore in FY21.
Standalone portfolio grew 7% to ₹39,352 crore from ₹36,689 crore in FY21, despite the challenges of the covid-19 pandemic.
The company has been able to arrest its declining asset quality trends as it achieved a reduction of net non-performing assets (NPA) to 3.65% in FY22 from 5.39% in the previous year and gross NPA to 9.22% from 13.90% during the period.
Provision Coverage Ratio increased to 62.75% in FY22 from 61.24% in the previous year, thereby improving the robustness of the balance sheet.
As of March-end, the proportion of IIFCL’s infrastructure finance assets rated A and above stood at 67%, up from ~54% a year earlier, reflecting a higher quality asset profile.
The company made its highest ever recovery of around ₹780 crore during FY22, compared with ₹618 crore in the previous year.
Taking its developmental role further, IIFCL ventured into investments in infrastructure bonds being issued by project companies during the financial year. IIFCL invested ₹975 crore in project bonds, which includes ₹325 crore in bonds issued by a renewable energy Infrastructure Investment Trust (InvIT).
IIFCL is also looking at lending opportunities to InvITs this year.