IFCI Ltd has reported a lower net profit in the fourth quarter of fiscal 2010-11 despite a big jump in income from operations.
While net profit declined 4.23 per cent to Rs 233.03 crore (Rs 243.33 crore), income from operations grew 24.29 per cent to Rs 673.91 crore (Rs 542.20 crore).
For the entire fiscal 2010-11, IFCI's net profit grew 5.26 per cent to Rs 706.25 crore (Rs 670.94 crore). Income from operations recorded a 46.14 per cent increase to Rs 2,421.64 crore (Rs 1,657.05 crore).
The board of directors have now recommended a 10 per cent dividend on equity shares for 2010-11. The company had paid dividend of 10 per cent in the previous year also.
IFCI's loan sanctions in 2010-11 grew 80 per cent to Rs 12,639 crore (Rs 7,016 crore). Disbursements grew 37 per cent in 2010-11 to Rs 8,275 crore (Rs 6,054 crore).