State-owned India Infrastructure Finance Company Limited (IIFCL) announced its financial results for fiscal 2020-21, reporting a 250 per cent rise in net profit on a consolidated basis to Rs 325 crore, driven by rising sanctions and disbursements. The company announced that its asset quality improved as it was able to bring down its net non-performing assets or NPAs to 5.4 percent in the financial year 2020-21, from 9.75 percent in fiscal 2019-20.
In a statement issued on Tuesday, June 22, IIFCL said it aims to reduce the NPAs to around four percent in the current financial year 2021-22. The company’s cash recovery in NPAs increased to more than Rs 625 crore in the fiscal year 2020-2021 – as much as 92 per cent higher than last year.
Established in 2006, the wholly-owned government organization caters to the long-term financing needs of the infrastructure sector in the country.
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