IIFCL plans to raise ₹16,000 crore this fiscal to fund business growth, says MD Jaishankar

IIFCL, a state-owned infrastructure lender, said it recorded its “highest ever” standalone net profit at Rs 1,076 crore in 2022-23. This was more than double the net profit of Rs. 514 crore recorded in the previous financial year.

Encouraged by the strong bid, IIFCL now aims to double its current financial net profit to more than Rs 2,000 crore, BR Jaishankar, managing director, said. business line.

For the current financial year, IIFCL is looking at a target payout of Rs 17,000 crore as against Rs 13,826 crore in 2022-23.

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To finance the projected business growth, IIFCL plans to raise Rs 16,000 crore – mainly debt from multilateral financial institutions, local financial institutions and public markets. “We will tap into the local public market in this financial year and look to raise around Rs 2,000 crore through non-convertible debentures,” said Jaishankar.

On a consolidated basis, IIFCL has recorded a net profit of around Rs 1,400 crore in 2022-23, said Pawan Kumar, Deputy Managing Director, IIFCL.

Jaishankar also expressed confidence that IIFCL will return to the earnings list in 2023-24.