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New Delhi, Oct. 15 IFCI Ltd on Monday reported a net profit of Rs 497.29 crore for the quarter ended September 30. This represents more than three-fold increase to the net profit of Rs 115.83 crore recorded in the same period last year.

The quarter under review also saw net recovery of bad and doubtful debts to the tune of Rs 348.41 crore, which has helped shore up the financial performance.

“The financial performance seen in the latest quarter would be sustained in the next two quarters also,” Mr Atul Rai, CEO and Managing Director of IFCI, told reporters here on Monday.Total income for the quarter under review stood at Rs 595.60 crore (Rs 327.44 crore). “We have not indulged in any kind of smart accounting or sleight of hand. This is a more conservative result. What I am claiming is a change in the direction of the institution and this performance is sustainable,” Mr Rai added.

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