IFCI Q1 net rises 7.5% to Rs 102 crore

IFCI Ltd today reported a 7.5 per cent rise in its net profit at Rs 101.54 crore for the first quarter ended June 30.
Company's net profit stood at Rs 94.47 crore during the same quarter of the previous fiscal.
Total income increased to Rs 913.85 crore during the quarter under review, from Rs 736.55 crore in the year-ago period, registering a growth of 24 per cent, the company said in a BSE filing.
IFCI had to set aside a higher share as write off or towards bad and doubtful assets during the quarter at Rs 129.88 crore as against Rs 78.21 crore provision made during the same period, a year-ago.

Following the announcement, the state-owned term lender's shares rose 3.5 per cent from its previous close to Rs 25.15 apiece on BSE today.