The Hindu Business Line : IDFC net up by 44%; to pay 10% dividend

INFRASTRUCTURE Development Finance Co Ltd (IDFC) has registered a 44 per cent increase in net profit during 2003-04 to touch the Rs 259.15-crore mark, against Rs 179.95 crore in the previous fiscal.

IDFC's Board of Directors, which met here on Tuesday, has recommended a dividend of 10 per cent, which is Re 1 per equity share.

The total income of IDFC during the year was Rs 637.08 crore, which marks a 39 per cent increase from Rs 458.87 crore that was recorded during 2002-03. After appropriations, the balance carried forward in 2003-04 was Rs. 302.08 crore, while the net worth of the company as on March 31, 2004 stood at Rs 1,699.13 crore.

During the fiscal, IDFC raised resources of Rs 3,575 crore from the market, while recording its highest approvals and disbursements of Rs 5,727 crore for 81 projects and Rs 2,704 crore for 59 projects respectively.

This represents an increase of 149 per cent and 185 per cent respectively in terms of approvals and disbursements compared to the previous fiscal.

On cumulative basis, as on March 31, 2004, IDFC's gross approvals were Rs 18,187 crore for 156 projects and gross disbursements Rs 6,878 crore for 87 projects.

On the policy front, IDFC presented a framework for resolving the limited mobility dispute and also suggested a relief package for cellular operators.

The company has also contributed to all aspects of the work of the Ministry of Civil Aviation's Committee on a road map for the civil aviation sector to make air transport affordable and enhance air connectivity across various regions of the country — this is expected to form the basis for the new civil aviation policy.

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