IRFC Q3 Results: Revenue Up by 8% , Profit Down by 1.7%
Despite an 8% YoY revenue increase, IRFC's Q3 profits dip slightly. Jain appointed CCO, but stock price falls 5.12%. Read the full story and analysis of IRFC's financial performance.
Indian Railway Finance Corporation (IRFC) saw an 8% year-on-year rise in its revenue from operations in Q3 FY24, reaching ₹6,742 crore compared to ₹6,218 crore in the same period last year. However, the PSU's net profit witnessed a marginal decline of 1.7% YoY, settling at ₹1,604 crore.
Despite the drop in profit, IRFC's financial performance remained relatively steady. The company's earnings per share stood at ₹1.23 for the quarter. Additionally, the Board of Directors approved the appointment of Sanjay Jain as Chief Compliance Officer for a two-year term.
Jain brings over 30 years of experience in various areas, including compliance, corporate law, regulatory affairs, treasury management, and legal matters. His appointment is expected to strengthen IRFC's governance and compliance framework.
Despite the positive aspects, investors reacted negatively to the slight profit decline. IRFC's share price closed 5.12% lower at ₹153.7 on the BSE on Friday. Nonetheless, the stock has still gained 53.13% year-to-date and a remarkable 410.63% in the past year.
Key Takeaways:
- IRFC Q3 Revenue: ₹6,742 crore (up 8% YoY)
- IRFC Q3 Profit: ₹1,604 crore (down 1.7% YoY)
- Earnings per Share: ₹1.23
- Sanjay Jain appointed as Chief Compliance Officer for two years
- Share Price: ₹153.7 (down 5.12%)
What's Your Reaction?
