IFCI Q1 net loss at Rs 340 crore

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Infrastructure sector lender IFCI Saturday reported a standalone net loss of Rs 340.77 crore for the April-June quarter of current fiscal. The company had a net profit of Rs 277.05 crore in the same quarter of previous fiscal.

Total income of the company declined to Rs 673 crore in the first quarter of this fiscal, from Rs 907 crore in the same period last year, IFCI said in a filing to the BSE.

Total expenses of IFCI in the June quarter rose to Rs 1,191 crore, which include Rs 664 crore for impairment losses on financial assets.

IFCI further said the company is one of the lenders in various cases, which have been referred to the National Company Law Tribunal (NCLT).

“In terms of clarification received by the company from RBI … the company was classifying its loan accounts, including NCLT cases and was calculating provisions required…,” it said.

For the quarter ended June 30, 2018, the company has classified these accounts as per the RBI Directions, but has made provisions against bad and doubtful assets based on the calculated Expected Credit Loss (ECL), it added.