IFIN reports Rs 188.7Cr net profit for FY20
IL&FS Financial Services (IFIN) on Thursday reported a net profit of Rs 188.77 crore for the financial year 2019-20, against a net loss of Rs 13,274.52 crore reported in the previous financial year.
Total revenue from operations during the period under review was Rs 374.27 crore, 36 per cent higher than Rs 275.14 crore reported a year ago.
The company has made recovery of loans during the year ended March 31, 2020 resulting in release of provision for impairment of Rs 163.69 crore. The company has recognized further impairment in respect of outstanding loans as on March 31, 2020 amounting to Rs 195.23 crore, as per a statement.
The company said in a statement that claims were received from various parties for Rs. 16.78 crore consequent to which Rs 3.99 crore has been recorded as expenses under various heads.
The company had admitted claims of Rs 11.52 crore against the amount of Rs 16.78 crore claimed by operational creditors. The differential amount of Rs 5.26 crore has been shown as contingent liability.
In case of financial creditors, claims were received from various parties worth Rs 16,405.71 crore consequent to which Rs 25.18 crore has been recorded as expenses under various heads and Rs 10.58 crore as income under various heads and Rs 7.95 crore against the investment in Preference Shares arising out of admission of claims of certain parties.