IFCI reports net loss of Rs 110.28 crore in Q1 FY17

IFCI has reported results for first quarter ended June 30, 2016.

The company has reported a net loss of Rs 110.28 crore for the quarter ended June 30, 2016 as against net profit of Rs 101.54 crore for the same quarter in the previous year. Total income of the company decreased by 8.91% to Rs 832.44 crore for the quarter under review from Rs 913.85 crore for the corresponding quarter of the previous year.

IFCI was established with intent to provide long-term finance needs of the industrial sector.  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.