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IIFCL Net increased by 138 percent

IIFCL Net increased by 138 percent
Nksagar-Sagar Media Inc-New Delhi; India Infrastructure Finance Company Limited (IIFCL)has reported a y-oy growth of 138%of its net profit during the year ended 31 March Profit of the company for the year ended stood at rs 228.44 Cr compared to Rs 95.91 Cr.Total income for the year registered a growth of 23% led by increase in interest income from lending operations.Income from the lending operations posted a growth of 66% over the corresponding period last year. IIFCL has NIL NPAs on its balance sheets as on 31 March 2011. The sanctions conveyed by the company registered a stellar growth of 30% as at the end of year ended the cumulative gross sanctions to rs 31,778 Cr to 176 infra projects involving a total project cost of rs 2,70,921 Cr. Recognizing the need for bringing about innovative financing approaches to meet the infra financing gap,the company is currently evolving a framework for undertaking Credit Enhancement of bonds issued by infrastructure developers.Thus credit enhancements by IIFCL to project bonds will improve their rating and will assist the infra developers to have eligible instrument for investment by insurance company and pension funds.
IIFCL shall be funded through long-term debt raised from the open market. This debt can be any or all of the following:Rupee debt raised from the market through suitable instruments created for the purpose; the IIFCL would ordinarily raise debt of maturity of 10 years and beyond.Debt from bilateral or multilateral institutions such as the World Bank and Asian Development Bank.Foreign currency debt, including through external commercial borrowings raised with prior approval of the Government. The IIFCL would raise funds as and when required, for on lending, in consultation with the Department of Economic Affairs. The magnitude of funds raised would be determined by demand from viable infrastructure projects.To the extent of any mismatch between the raising of funds and their disbursement, surplus funds would be invested in marketable government securities.


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