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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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Indian Railway Finance Corporation (IRFC) reported a 15 per cent increase in net profit for the third quarter ended December 31 at ₹ 1046.70 crore (₹907 crore). In the previous quarter, IRFC had reported a net profit of ₹994 crore.
The Board of Directors have declared an interim dividend of ₹1.05 per share of ₹10 each involving a payout of ₹1,380 crore.
Total revenue from operations for the quarter under review grew over 7 per cent at ₹3,923 crore (₹3,641 crore), according to filings with the BSE.
For the nine months period ended December 31, IRFC reported a 15.65 per cent increase in net profit at ₹2,934 crore (₹2,537 crore). Total revenue from operations grew 10.76 per cent to ₹11,315.51 crore. (₹10,215.70 crore)
The annual disbursement for IRFC to Indian Railways grew more than tenfold to ₹1.13 lakh crore mandated for the FY 2020-21 from ₹11,000 crore in FY 2014-15. The assets under management (AUM) is set to cross ₹3.75 trillion at the end of the current fiscal, registering a Compounded Annual Growth Rate (CAGR) of around 30 per cent over the last five years.
The Company has been able to raise funds at the most competitive rates and terms both from the domestic and overseas financial markets which has helped to keep its cost of borrowing low. The Company’s papers command a premium of at least 20 to 30 bps in the domestic financial market and 50 to 60 bps in the overseas financial markets as compared to its peers.
Commenting on the financial results, Amitabh Banerjee, Chairman and Managing Director, IRFC, in a statement said, “The massive investment plan that Indian Railways has drawn for the growth, expansion and modernization of Indian rail system in the current decade and the fact that a significant portion of the funding requirement is to be met through IRFC, there will be a sustained growth in revenue and profitability in future.”
He added: “The Company is in the process of drawing strategies for making selective forays into areas having forward and backward linkages with Railways with the backing of the Government of India, that will give further boost the growth in revenue and profitability of the Company and help it fulfill the expectations of the millions of its shareholders, who have reposed their faith and confidence in IRFC.”
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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