IFCI Ltd, a Government-owned company, on Monday reported a net loss of Rs 176.87 crore for the third quarter ended December 31,2017. This net loss is wider than the net loss of Rs 45.17 crore recorded in the same quarter in the previous year. The bottomline performance for the quarter under review was weighed down by a sharp increase in provisioning for bad and doubtful debts at Rs 411.49 crore (Rs 139.87 crore).
Total income for the quarter under review stood at Rs 655.53 crore (Rs 635.55 crore). It may be recalled that IFCI had after three consecutive quarters of losses returned to the black in the second quarter ended September 30, 2017 to register a net profit of Rs 11.90 crore.
CAPITAL INFUSION
The board of IFCI Ltd also approved a preferential issue of shares to the Government, which is the majority shareholder in the company. The Centre is looking to pump as much as Rs 100 crore into IFCI. An extraordinary general meeting of the shareholders has been convened on March 7, 2018, to consider and approve the issue of equity shares by way of preferential allotment to the Centre.