Last week, IRFC, the dedicated market borrowing arm of the Indian Railways, released its June quarter earnings report that showed that its net profit dropped 6.3% year-on-year (YoY) to ₹1,556.6 crore as compared to ₹1,661.6 crore in the year-ago period. Sequentially, net profit was up 17.2% from ₹1,327.7 crore in Q4FY23.

The revenue from operations rose 18.7% YoY to ₹6,679.2 crore while total income stood at ₹6,681.0 crore during the quarter under review.

Net worth and Assets Under Management (AUM) at the end of Q1 FY24 stood at ₹47,034 crore and ₹4,66,251 crore, respectively. The earnings per share of the Company was at ₹1.20 in Q1 FY24 as compared to ₹1.27 in Q1 FY23.

On July 27, 2023, the miniratna public sector enterprise signed a memorandum of understanding (MoU) with RITES to strengthen cooperation in the financing and development of railway infrastructure projects. The MoU aims for identifying mutual areas of collaboration for expanding IRFC’s role in providing financial assistance to projects/institutions that have got backward and or forward linkages with Railways and by RITES providing assistance to IRFC in ascertaining the financial & technical viability of projects, providing advisory & consultancy services, the company said in an exchange filing.

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financing arm of the Indian Railways

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