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IIFCL net profit soars 80% in FY22

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.

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