IRFC shares lose over 10% as companys Q3 profit sees a decline
At around 10:35 a.m., shares of IRFC traded 8.72 per cent, or Rs 13.4, lower at Rs 140.3 apiece.
IRFC share price: State-owned Indian Railway Finance Corporation (IRFC) shares fell more than 10 per cent in trade on Monday (February 12) on the BSE and clocked the day's low of Rs 137 apiece, continuing a losing streak for the third straight session. The stock slipped after the company posted mixed Q3 results.
At around 10:35 a.m., shares of IRFC traded 8.72 per cent, or Rs 13.4, lower at Rs 140.3 apiece. Meanwhile, its market capitalisation stood at Rs 1,83,351.14 crore at around the same time.
On Friday post-market hours, the company reported a marginal decline in the profit of 2 per cent year-on-year (YoY) at Rs 1,604 crore against Rs 1,633 crore seen a year ago. Meanwhile, its revenue increased by 8.4 per cent to Rs 6,742 crore for the quarter under review, up from Rs 6,218 crore a year ago.
The company recorded finance costs of Rs 5,104 crore for the third quarter ended December 31 against Rs 4,554 crore, which implies a rise of 12 per cent year-on-year (YoY).
Incorporated in 1986, the Indian Railway Finance Corporation borrows funds from the financial markets to finance the acquisition or creation of assets, which are then leased out to the Indian Railways as finance leases.
IRFC has also been lending to various entities in the railway sector, like Rail Vikas Nigam Limited (RVNL), Railtel, Konkan Railway Corporation Limited (KRCL), Pipavav Railway Corporation Limited (PRCL) etc.
The company's cumulative funding to the rail sector has crossed Rs. 5.04 lakh crore as of March 31, 2022, as per its official website.
IRFC share price: Past performance
In a year, shares of IRFC have given a multi-bagger return of over 371 per cent against the Nifty50's rise of over 22 per cent.
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