IIFCL aims to sanction Rs 300 bn infra loans this fiscal
03 Nov 2022
2 Min Read
CW Team
IIFCL Managing Director P R Jaishankar has said the institution has transformed itself from being a last mile lender to a preferred financier and aims to sanction loans worth Rs 300 billion this fiscal, which would be the highest ever loan sanction in any year.
Disbursements to various infrastructure projects would also be at a record high of Rs 150 billion by March 2023, he said in an interview.
As interest rates are competitive, he said IIFCL (India Infrastructure Finance Company Ltd) is considered to be a preferred financier for project developers across roads, airports, ports and renewable energy sectors.
鈥淔rom operational loss with high NPAs a few years ago, the company earned a profit of Rs 514 crore in FY'22. Improved both return on equity and return on assets. With the improvement in financials, the net worth has increased from Rs 10,306 crore in FY'20 to Rs 12,273 crore at present,鈥� he said.
With respect to improvement in asset quality, he said that non-performing assets have come down from about 10% in FY'20 to 3.65% on a net basis. The percentage of 'A' and above rated assets increased from 35-40% (March 2020) to about 65% (March 2022), he added.
According to him, improvement in various financial parameters provided an opportunity to lower the benchmark lending rate and bring down the cost of borrowing without compromising on spread.
See also:
Hiranandani鈥檚 Yotta Infra to invest Rs 390 bn in Noida
Adani Group lines up $150 bn investment across businesses
IIFCL Managing Director P R Jaishankar has said the institution has transformed itself from being a last mile lender to a preferred financier and aims to sanction loans worth Rs 300 billion this fiscal, which would be the highest ever loan sanction in any year.
Disbursements to various infrastructure projects would also be at a record high of Rs 150 billion by March 2023, he said in an interview.
As interest rates are competitive, he said IIFCL (India Infrastructure Finance Company Ltd) is considered to be a preferred financier for project developers across roads, airports, ports and renewable energy sectors.
鈥淔rom operational loss with high NPAs a few years ago, the company earned a profit of Rs 514 crore in FY'22. Improved both return on equity and return on assets. With the improvement in financials, the net worth has increased from Rs 10,306 crore in FY'20 to Rs 12,273 crore at present,鈥� he said.
With respect to improvement in asset quality, he said that non-performing assets have come down from about 10% in FY'20 to 3.65% on a net basis. The percentage of 'A' and above rated assets increased from 35-40% (March 2020) to about 65% (March 2022), he added.
According to him, improvement in various financial parameters provided an opportunity to lower the benchmark lending rate and bring down the cost of borrowing without compromising on spread.
See also:
Hiranandani鈥檚 Yotta Infra to invest Rs 390 bn in NoidaAdani Group lines up $150 bn investment across businesses
Next Story
HCL-Foxconn to invest Rs 37 billion in chip plant near Jewar airport
The Union Cabinet has approved the establishment of a new semiconductor unit near Jewar airport in Uttar Pradesh under the India Semiconductor Mission. This sixth plant, a joint venture between HCL and Foxconn, marks further progress in India鈥檚 semiconductor journey. The project will see an investment of Rs 37 billion.The facility will produce display driver chips for mobile phones, laptops, automobiles, PCs, and other digital devices. It is designed for a monthly capacity of 20,000 wafers and an output of 36 million units.Five semiconductor units are already in advanced stages of constructi..
Next Story
Brigade acquires Velachery land for Rs 16-billion project
Brigade Enterprises has acquired a 5.41-acre land parcel on Velachery Road, Chennai, through an outright purchase for Rs 4.417 billion. Located next to Phoenix Market City, the site will be developed into a premium residential project with a gross development value of approximately Rs 16 billion and a development potential of 0.8 million square feet.The project offers strategic access to both the OMR IT Corridor and Chennai鈥檚 Central Business District, promising strong connectivity and premium lifestyle offerings. Brigade plans to create signature residences focused on aesthetics, functional..
Next Story
Liebherr marks 10,000th XPower wheel loader milestone
Liebherr-Werk Bischofshofen has rolled out its 10,000th XPower wheel loader, marking a major production milestone. The anniversary L 580 XPower model, featuring a power-split travel drive developed with ZF Friedrichshafen AG, was handed over to the BERGER Group in Passau.鈥淭he transmission from our partner ZF is a key component of the drivetrain in our XPower wheel loaders,鈥� said Gerhard Pirnbacher, Head of Quality Management at Liebherr. 鈥淲ith an impressive total of around 64 million operating hours already clocked up by XPower models, this transmission has proven its exceptional robustn..
