IIFCL, a state-owned infrastructure lender, said that it recorded its “highest-ever” standalone net profit at ₹1,076 crore in 2022-23. This was more than double the net profit of ₹514 crore recorded in previous fiscal.
Encouraged by the strong show, IIFCL is now aiming to double its net profit for current fiscal to over ₹2,000 crore, P R Jaishankar, Managing Director, told businessline.
For the current fiscal, IIFCL is eyeing disbursements target of ₹17,000 crore as against ₹13,826 crore in 2022-23.
To fund the expected business growth, IIFCL plans to raise ₹16,000 crore — mainly debt from multilateral financial institutions, domestic financial institutions and public markets. “We will tap the domestic public market this fiscal and look to raise about ₹ 2,000 crore through non convertible debentures”, Jaishankar said.
On a consolidated basis, IIFCL recorded a net profit of about ₹1,400 crore in 2022-23, said Pawan K Kumar, Deputy Managing Director, IIFCL.
Jaishankar also expressed confidence that IIFCL would return to dividend list in 2023-24.