New Delhi [India], June 22 (ANI): Government-owned India Infrastructure Finance Company Ltd (IIFCL) said on Tuesday it has returned to profitability with a standalone profit after tax of Rs 286 crore and consolidated profit after tax of Rs 325 crore in the fiscal year 2020-21.
The company posted record performance with highest-ever sanctions and disbursements at Rs 20,892 crore and Rs 9,460 crore respectively on a standalone basis.
IIFCL said it was able to arrest declining asset quality trends and achieve reduction of gross non-performing assets (NPAs) to 13.9 per cent as on March 31, down from 19.7 per cent in the previous year.
Net NPAs came down to 5.58 per cent from 9.75 per cent in the same period.
Cash recovery in NPAs increased to over Rs 625 crore in fiscal year 2021, up 92 per cent higher than last year. IIFCL also managed to significantly lower its cost of funds in FY 21, resulting in a better financial health.
The company plans to aggressively capture an increased market share by keeping its pricing competitive, and lowering down base rate to attract more business and further strengthen its portfolio. (ANI)