New Delhi: Indian Railway Finance Corporation (IRFC) has another milestone in its journey. IRFC market cap (M-cap)crossed Rs 2 lakh crore for first time on Friday (19 January 2024), with analysts and experts getting extremely bullish on the same since the prices have skyrocketed lately.
At 1.29 pm, IRFC shares were trading higher by Rs 13.90 at Rs 160.15, a jump of 9.50 percent. With the huge rally in share prices, IRFC’s market capitalisation currently stands at Rs 2.9 lakh crore.
IRFC IPO was priced in the range of Rs 25 to Rs 26 per share. In the last 1 month, shares of IRFC has given over 0.04 percent return, 383.11 percent in last one year.
Indian Railway Finance Corporation (IRFC) is the dedicated funding arm of Indian Railways.
The company was set up in December 1986 for mobilizing funds from domestic and overseas markets to meet the predominant portion of the Extra Budgetary Resources requirement of Indian Railways. However, the company has zero NPA according to various reports. IRFC does 45-55% funding in rail infra projects. The company gives loans at very low interest. It gives loans to the Railways against the government guarantee.
IRFC is yet to come out with its Q3 results for FY24. In its Q2 FY24, IRFC had reported its profit at Rs 1,550 crore as compared to Rs 1,714.3 crore in the corresponding period last year, a profit drop of 9.6%. Revenue from operations in Q2 was at Rs 6,766.3 crore compared to Rs 5,809.8 crore in the previous year, witnessing growth of 16%.
The Railway PSU had announced an interim dividend of Re 0.80. “Pursuant to Regulation 30 and 43 of SEBI (LODR) Regulations, 2015, as amended from time to time this is to inform that the Board of Directors have declared an Interim Dividend of Rs 0.80 /- per equity share of Rs 10/- each” the company had said in an exchange filing. Previously, in September 2022, IRFC had paid a dividend of Rs 0.63 per share. In 2021, IRFC paid dividends to its shareholders on two occasions — Rs 0.77 in November and Rs 1.05 in February.