IFCI reports 29% fall in Q1 net profit

IFCI has reported results for first quarter ended June 30, 2012.

The company has reported a fall of 29.12% in its net profit after tax at Rs 93.61 crore for the quarter under review as compared to Rs 132.06 crore for the same quarter in the previous year. However, the total income from operation of the company has increased by 9.20% at Rs 666.60 crore for Q1FY13 as compared Rs 610.43 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.