IIFCL aims at loan sanctions Rs 35,000 cr and profit of Rs 2,000 cr in FY24

State-owned IIFCL is looking to double loan and disbursement penalties during the current fiscal year to fund infrastructure projects in the country.

In terms of loan sanction, the company is aiming for Rs. 35,000 crore while the disbursement target is around Rs. 20,000 crore within the current financial year, IIFCL Managing Director BR Jaishankar told PTI.

On the back of expected high growth in the business, the company also aims to grow close to 100 per cent at a minimum to Rs 2,000 crore during the year. India Infrastructure Finance Company Ltd (IIFCL) has recorded a double jump in standalone net profit to Rs 1,076 crore for the financial year ending March 2023.

The company posted record performance with highest ever penalties and payouts at Rs. 29,171 crore and Rs. 13,826 crore, respectively in 2022-23. To finance the growth of the business, Jaishankar said the company plans to raise more than Rs 16,000 crore during the current financial year.

He said the resources will be mobilized mainly from debt from multilateral financial institutions, domestic financial institutions and public markets. Jaishankar said, “We will tap into the local public market in this financial year and look forward to raising around Rs 2,000 crore through non-convertible debentures.

Besides, he said, the company continued to add value as it increased its net worth to Rs. 12,878 crore in 2023-23 from Rs. 11,737 crore in the previous financial year. He said the company’s net worth increased by 28 percent in about two years, which represents direct tangible value to the government.

He said recovery will be one of the areas of focus during the year. The company made a recovery of Rs. 1,349 crore during the 2022-23 financial year as compared to Rs. 780 crore during the previous financial year.