IFCI has reported results for first quarter ended June 30, 2013.
The company has reported a fall of 41.12% in its net profit after tax at Rs 55.11 crore for the quarter under review as compared to Rs 93.61 crore for the same quarter in the previous year. The total income of the company has decreased by 15.76% at Rs 561.53 crore for Q1FY14 as compared Rs 666.60 crore for the corresponding quarter previous year.
IFCI was established with an intention to provide long-term finance needs of the industrial sector. It got listed in the year 1993 changed its status from statutory corporation to a company. It founded and developed various institutions namely ICRA for credit assessment rating, Tourism Finance Corporation of India (TFCI) for promotion of the hospitality industry, among others.