IFCI Ltd. — Interim / Quarterly Report 2021

Nov 11, 2021

No. IFCl/CS/2021-S9 November 11, 2021

BSE Limited Department of Corporate Services Phiroze JeeJeebhoy Tower Dalal Street, Fort Mumbai — 400 001

CODE: 500106

Dear Sir/Madam,

Re: Outcome of the Board Meeting held on November 11, 2021.

The Board at its Meeting held on November 11, 2021 has inter-alia approved the Un-Audited Standalone and Consolidated Financial Results of the Company along with respective Limited Review Reports and other requisite Annexures for the quarter and half-year ended September 30, 2021. The same is enclosed as Annexure.

Thanking You Yours faithfully

For IFCI Limited

\$c57'

VPriyanka Sharma) Company Secretary

Encl.: As above

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I FCI Limited Regd. Office:

IFCI Tower, 61 Nehru Place, New Delhi - 110 019 Phone: +91-4173 2000, 4179 2800 Fax: +91-11-2623 0201, 2648 8471 Website: www.ifciltd.com CIN: L74899DL1993G01053677

In Development of the Nation since 1948

STATEMENT OF UNAUDITED (STANDALONE) FINANCIAL RESULTS FOR THE QUARTER AND PERIOD ENDED SEPTEMBER 30,2021

								CT in Crores)
					Standalone Results
		Particula rs	Quarter ended 30/49/21 (Unaudited)	Quarter ended 30/06/21 (Unaudited)	Quarter ended 30/09/20 (Unaudited)	Period ended 30/09121 (Unaudited)	Period ended 30/09/20 (Unaudited)	Year ended 31/03121 (Audited)
1		Revenue from operations
	a)	Interest Income	119.03	174.74	616.96	293.77	960.24	1 085.73
	b)	Dividend Income	10.19	0.20	0.98	10.39	1.13	25.69
	c)	Rental Income	8.47	7.97	9.96	16.44	19.93	38.60
	d)	Fees and commission Income	6.66	15.86	10.20	22.52	16.00	34.72
	el	Net gain on fair value chances	(38.98)	26.12	24.00	(12.86)	137,14	193.26
		Total Revenue from operations Other Income	105.37	224.89	662.10 11.89	330.26 1.75	1,134.44 7.93	1,378.00 18.92
	i)	Total income	1.01 106.38	0,74 225.63	662.99	332.01	1.142.37	1.396.92
2	Expenses
	a)	Finance costs	242.87	254.16	285.99	497.03	575.92	1,118.97
	b)	Net loss on fair value changes				-	-
	C)	Impairment on financial Instruments	492.53	830.05	501.24	1,322.58	14197.90	2,271.63
	d) e)	Employee Benefits Expenses Depreciation and Amortization	19.27 6.16	23.10 7.15	19.68 7.35	42.37 13.31	41.55 14.73	91.09 29.30
	t.)	Others expenses	8.96	17.03	10.37	25.99	14.05	33.16
		Total expenses	769.79	1,131.49	824.63	1.901.28	1,799.15	3.544.15
3		Profit/ (loss) before exceptional and tax (1-2)	(663.41)	(905.86)	(161.64)	(1,569.27)	(601.78)	(2,147.23)
4		Exceptional Items		-	-			-
5		Profit/ (loss) before tax (3-4)	(663.41)	(905.86)	(161.64)	(1.569.27)	(601.78)	(2,197.23)
6	Tax ex nse						,
	a) b)	Income tax Taxation for earlier years	-	- -	- -	-		- 8.57
	C)	Deferred Tax (Net)	(137.53)	(188.08)	(89.06)	(325.61)	(232,78)	(197.99)
		Total Tax expense 16(a) to 6(c11	(13753)	(188.08)	(89.06)	(325.61)	(232.78)	(189,47)
		7 - Profit/(Ioss) for the period (5+6)	(525.88)	(717.78)	(72.58)	(1,293.66)	(369.00)	(1,957.811
8		Other Comprehensive Income
	a)	Items that will not be reclassified to profit or loss
		-Fair value chanaes on FVTOCI - eaulty securities	(7.57)	55.54	(30.30)	47.97	20.20	27.77
		-Loss on sale of FVTCICI - equity securities
		Income tax relating to items that will not be reclassified to profit or loss	-	-	-	-	-	-
		-Tax on Fair value changes on FVTOCI - Equity securities _	2.65	(19.41)	10.59	(16.76)	(7.06)	(9.71)
•		-Tax on Actuarial Gain/Noss) on Defined benefit obliaation _Subtotal (a)	- (4.92)	36.13	(19.71)	31.21	13.19	18.06
	b)	Items that will be reclassified to profit or loss
		-Debt securities measured at FVTOCI - net change In fair value	0.71	(5.12)	(9.30)	(4.41)	(3.50)	2.35
		-Debt securities measured at FVTOCI - reclassified to profit and loss	-	-	-	-
		Income tax relating to items that will be reclassified	-
		to profit Or illCi -Tax on Fair value chances on FVTOCI - Debt securities	(17.74)	1.81	3.50	- (15.93)	- 3.23	- 5.72
		Subtotal (b)	(17.03)	(3.31)	(5.80)	(20.34)	(0.27)	4.07
		Other COmprehertstve income I (loss) (net of tax)	(21.95)	32.82	(25.51)	10.87	12.87	22.13
.9		Total comprehensive income / (loss) (alter tax) (7+8)	(547.83)	(584.96)	(99.09)	(1,232.79)	1356.131	(1.935.68)
10		Palq-up equity share capital (Face Value of t 10/- each)	2,041.98	2,041.98	1,895.99	2,041.98	1,895.99	1,895.99
11 12	Earnings	Other eqUitYiaS Per aUdited balance sheet as at 31st March) per share (face value of C 10 each) (not annualised for the						976.11
	interim (a)	leriods): Basic (k)	(2.58)	(3.52)	(0.38)	(6.091	(L95)	(10.33)
	(b)	Diluted (9)	(2.58)	(3.52)	(0.38)	(6.091	(1.95)	(10.331

See accompanying notes to the financial results.

IFCI LTD.
CIN: L74899DL1993GOI053677
REGD. OFFICE : IFCI TOWER
61, NEHRU PLACE, NEW DELHI - 110 019
WEBSITE: www.ifciltd.com

MFC bust
LIMITED आई एक सी आई लिनिटेड
IA Gougenment of India Lincologic mg

	STATEMENT OF ASSETS & LIABILITIES (STANDALONE)		(₹ in Crores)
	Particulars	As at 30/09/21 (Unaudited)	As at 31/03/21 (Audited)
Ι.	ASSETS
(1)	Financial Assets
	(a) Cash and cash equivalents	194.50	533.56
	(b) Bank balance other than (a) above	591.84	588.33
	(c) Derivative financial instruments
	(d) Trade receivables	46.89	57.32
	(e) Loans	4,211.38	6.479.71
	(f) Investments	3.144.25	2.950.34
	(g) Other financial assets	86.99	139.49
	Total Financial Assets	8,275.85	10,748.75
(2)	Non-financial Assets
	(a) Investment in subsidiaries	1.343.95	1,343.71
	(b) Investment accounted using equity method
	(c) Current tax assets (Net)	68.18	62.23
	(d) Deferred tax assets (Net)	2.414.97	2.122.05
	(e) Investment property	183.22	185.50
	(f) Property, plant and equipment	731.22	741.73
	(g) Capital work-in-progress
	(h) Other intangible assets	0.68	0.91
	(i) Other non-financial assets Total non-financial assets	9.94 4,752.16	14.46 4,470.59
	Assets classified as held for sale	0.04	0.04
	Total Assets	13,028.05	15,219.38
II.	LIABILITIES AND EOUITY
	LIABILITIES
(1)	Financial Liabilities
	(a) Derivative financial instruments	24.32	15.91
	(b) Trade payables
	(i) Total outstanding dues of MSMEs
	(ii) Total outstanding dues of creditors other than	144.69	165.68
	MSMEs
	(c) Debt securities	7.112.07	7.270.78
	(d) Borrowings (other than debt securities)	1,615.38	2,285,70
	(e) Subordinated liabilities	1,121.98	1,313,30
	(f) Other financial liabilities	1,739.73	1.713.31
	Total Financial Liabilities	11,758.17	12.764.68
(2)	Non-financial liabilities
	(a) Provisions	130.34	82.18
	(b) Other non-financial liabilities	0.22	0.42
	Total Non-Financial Liabilities	130.56	82.60
(3)	Equity
	(a) Equity share capital	2.041.98	1.895.99
	(b) Other equity	(902.66)	476.11
	Total Equity	1,139.32	2,372.10
	Total Liabilities and Equity	13,028.05	15,219.38

$\bar{t}$ $\sim$

IFCI LTD CIN:1748990L1993001053677 REGD OFFICE : IFCI TOWER 61, NEHRU PLACE, NEW DELHI - 110 019 WERsiTE: www.ifeltd.corn

STATEMENT OF CASH FLOW (STANDALONE)
Particulars	Period ended 30/09121 (Unaudited)	Period ended 30/09/20 (Unaudited)
A. CASH FLOW FROM OPERATING ACTIVITES
Net Profit before Tax	(1.569.27)	(601.78)
Adjustments for:
Depreciation and amortisation	13.31	14.73
Impairment provision/ write offs	1322.58	1,097.90
Unrealised gain/(Loss) on Investment	(31.39)	-
Impairment on Non-financial asset		12.53
Operating Proflt before Working Capital Changes & Operating	(264.77)	523.38
Activities
Adjustments for Operating Activities:
(Increase)/ decrease in Investments	(69.21)	(287.61)
(Increase)/ decrease In Loans 8. Advances	845.83	(109.17)
(Increase)/ decrease in Derivative Financial Instruments	8.41	26.03
Increase/ (decrease) in Trade Payables	(20.99)	74.52
Increase/ (decrease) in Subordinated Liabilities	(191.32)	-
(Increase)/ decrease in Receivables	10.56	(1902) .
Increase/ (decrease) in Debt Securities	(158.71)	(125.47)
Increase/ (decrease) In Borrowings	(670.32)	(790.99)
Operating Profit before Working Capital Changes	(510.52)	(699.33)
Adjustment for
(Increase)/ decrease in Other Financial Assets
Increase! (decrease) in Other Non-financial Asset	4.52	(2.04)
Increase/ (decrease) in Other Financial Liability	52.63	37.15
Increase/ (decrease) in Other Non-financial Liability	26.42	70.36
Increase/ (decrease) in Provision	(0.201	10.22)
Increase/ (decrease) In other bank balances	97.96 (3.51)	(45.83) (16.58)
Increase/ (decrease) in asset held for sale		(0,04)
Cash Flow before taxation	177.82	42.80
Income Tax (paid)/ refund - Net	(5.95)	44.45
Net cash flow from Operating Activities	(338.65)	(612.08)
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of / Advance for property, Want and equipments		2.30
Purchase of/ Advance for Intangible Asset	(0.65)
Proceeds from sale of property, plant and equipments	0.23	0.27
Net cash flow from Investing Activities	0.01 (0.411	0.10 2.67
C. CASH FLOW FROM FINANCING ACTIVITIES Share application money received	-
Net cash flow from Financing Activities		-
Net Increase/ (Decrease) in Cash and Cash Equivalent Flow (A+B+C)	(339.06)	(609.41)
Add : Cash and Cash Equivalents at beginning of the period	533.56	4034.03
Cash and Cash Equivalents at the end of the period	194.50	424.62

		IFCI LTD.
	STATEMENT OF UNAUDITED (CONSOLIDATED) FINANCIAL RESULTS FOR THE QUARTER AND PERIOD ENDED 30 SEPTEMBER, 2021
							(₹ In Crores)
	Particulars	Quarter ended 30/09/21 (Unaudited)	Quarter ended 30/06/21 (Unaudited)	Quarter ended 30/09/20 (Unaudited)	Consolidated Results Period ended 30/09/21 (Unaudited)	Period ended 30/09/20 (Unaudited)	Year ended 31/03/21 (Audited)
$\mathbf{1}$	Revenue from operations a) Interest Income	141.60	195.33	645.49	336.93	1,022.15	1,192.86
	b) Dividend Income	55.76	0.29	25.28	56.05	25.54	27.74
	c) Rental Income	6.18	5.84	9.88	12.02	20.16	29.39
	d) Fees and commission Income e) Net gain on fair value changes	9.47 (38.78)	18.93 29.17	16.60 25.42	28.40 (9.61)	27.69 140.52	46.98 196.55
	f) Sale of products (including Excise Duty)	7.24	4.80	6.52	12.04	10.06	56.02
	g) Sale of services Total Revenue from operations	169.73 351.20	137.68 392.04	118.80 847.99	307.41 743.24	209.99 1,456.11	516.82 2,066.36
	h) Other Income	21.81	7.84	11.11	29.65	18.72	27.45
	Total income	373.01	399.88	859.10	772.89	1,474.83	2,093.81
2	Expenses a) Finance costs	247.95	260.15	296.94	508.10	597.48	1,147.23
	b) Fees and commission expense	20.34	15.94	9.48	36.28	17.44	60.57
	c) Net loss on fair value changes c) Impairment on financial instruments	$\sim$ 501.83	$\pm 0$ 831.19	œ. 499.07	$\sim$ 1,333.02	$\sim$ 1,111.55	$\sim$ 2,305.11
	d) Cost of materials consumed	4.46	0.83	0.05	5.29	0.08	30.31
	e) Purchases of Stock-in-trade	4.99	4.04	6.37	9.03	9.76	21.40
	f) Employee Benefits Expenses g) Depreciation and Amortization	70.41 16.40	69.34 17.52	63.13 18.13	139.75 33.92	130.83 36.81	292.42 72.39
	h) Others expenses	63.35	75.35	83.53	138.70	131.72	251.54
3	Total expenses Profit/ (loss) before exceptional and tax (1-2)	929.73 (556.72)	1,274.36 (874.48)	976.70 (117.60)	2,204.09 (1,431.20)	2,035.67 (560.84)	4,180.97 (2,087,16)
4	Exceptional items	2.84			2.84		(2.37)
5	Profit/ (loss) before tax (3-4)	(559.56)	(874.48)	(117.60)	(1,434.04)	(560.84)	(2,084.79)
6	Tax expense a) Income tax	26.57	7.58	8.20	34.15	9.41	17.50
	b) Taxation for earlier years	(0.08)		0.42	(0.08)	0.42	8.97
	c) Deferred Tax (Net) Tax expense $[6(a)$ to $6(c)]$	(141.33) (114.84)	(189.60) (182.02)	(82.92) (74.30)	(330.93) (296.86)	(226.05) (216.22)	(199.68) (173.21)
7	Profit/(loss) for the period after taxes (5-6)	(444.72)	(692.46)	(43.30)	(1, 137.18)	(344.62)	(1, 911.58)
8	Share of net profit of associates and joint ventures accounted for using the equity method					۰
9	Profit/(loss) for the period $(7+8)$	(444.72)	(692.46)	(43.30)	(1, 137.18)	(344.62)	(1,911.58)
	10 Other Comprehensive Income Items that will not be reclassified to profit or loss
	a)
	-Fair value changes on FVTOCI - Equity securities -Gain/(loss) on sale of FVTOCI - Equity securities	246.45 $\overline{\phantom{a}}$	250.24 $\overline{\phantom{a}}$	82.78 $\sim$	496.69 $\overline{a}$	313.53 $\overline{\phantom{a}}$	542.33 $\overline{\phantom{a}}$
	-Actuarial gain/(loss) on Defined benefit obligation	(1.79)	1.96	(0.33)	0.17	0.69	0.42
	Income tax relating to items that will not be
	reclassified to profit or loss -Tax on Fair value changes on FVTOCI - Equity	$\overline{a}$
	securities	(56.24)	(64.42)	(15.75)	(120.66)	(75.22)	(130.20)
	-Tax on Actuarial gain/(loss) on Defined benefit obligation	(0.60)	0.59	0.20	(0.01)	(0.15)	(0.07)
	Items that will be reclassified to profit or loss b)
	-Fair value changes on FVTOCI - Debt securities	0.71	(5.12)	(9.30)	(4.41)	(3.50)	2.35
	-Debt securities measured at FVTOCI - reclassified to
	profit and loss	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$		÷	$\overline{\phantom{a}}$	$\blacksquare$
	- Exchange differences in translating the financial statements of a foreign operation	$\overline{\phantom{a}}$	0.12	(0.30)	0.12	(0.27)	(0.34)
	Income tax relating to items that will be
	reclassified to profit or loss	$\overline{a}$
	-Tax on Fair value changes on FVTOCI - Debt securities
	Other comprehensive income / (loss) (net of tax)	(17.74) 170.79	1.81 185.18	3.50 60.80	(15.93) 355.97	3.23 238.31	1.72 416.21
11	Total comprehensive income / (loss) (after tax)	(273.93)	(507.28)	17.50	(781.21)	(106.31)	(1, 495.37)
12	Profit for the period attributable to Equity holders of the
	parent Non-controlling interest	(484.54) 39.84	(701.65) 9.19	(58.10) 14.79	(1, 186.19) 49.03	(360.19) 15.56	(1,941.51) 29.93
13	Other comprehsive income/ (loss) attributable to Equity
	holders of the parent	80.05 90.74	113.32 71.87	20.14 40.63	193.37	131.96	230.51
14	Non-controlling interest Total comprehensive income for the period attributable to				162.61	106.32	185.70
	Equity holders of the parent	(404.49)	(588.33)	(37.96)	(992.82)	(228.23)	(1,711.00)
	Non-controlling interest Paid-up equity share capital (Face Value of ₹ 10/- each)	130.58 2,041.98	81.06 2,041.98	55.42	211.64	121.88	215.63
15 16	Other Equity (as per audited balance sheet as at 31st March)			1,895.99	2,041.98	1,895.99	1,895.99
							1,841.97
17	Earnings per share (face value of ₹ 10 each) (not
	annualised for the interim periods): $(a)$ Basic $(₹)$
	(b) Diluted $(₹)$	(2.37) (2.37)	(3.44) (3.44)	(0.31) (0.31)	(5.81) (5.81)	(1.90) (1.90)	(10.24) (10.24)

$A$

\$

			(₹ in Crores)
	IFCI LTD. STATEMENT OF ASSETS & LIABILITIES (CONSOLIDATED)
	Particulars	As at 30/09/21 (Unaudited)	As at 31/03/21 (Audited)
I.	ASSETS
	(1) Financial Assets
	(a) Cash and cash equivalents	1,026.55	1,179.73
	(b) Bank Balance other than (a) above	1,386.48	1,340.71
	(c) Derivative financial instruments
	(d) Receivables	297.17	193.63
	(e) Loans	4,505.59	6,840.83
	(f) Investments	6,151.32	5,504.10
	(g) Other Financial assets	1,362.74	1,538.06
	Sub-total -Financial Assets	14,729.85	16,597.06
	(2) Non-financial Assets (a) Investment in subsidiaries
	(b) Investment accounted using equity method	$\overline{a}$ $\overline{\phantom{a}}$
	(c) Inventories	83.68	88.63
	(d) Current tax assets (Net)	105.34	111.03
	(e) Deferred tax Assets (Net)	1,901.55	1,707.08
	(f) Investment property	198.71	201.13
	(g) Property, Plant and Equipment	1,057.45	1,068.88
	(h) Capital work-in-progress	11.17	8.89
	(i) Intangible assets under development	0.01	0.02
	(i) Goodwill	446.64	446.64
	(k) Other Intangible assets	43.84	45.57
	(I) Assets held for sale	11.31	11.31
	(m) Other non-financial assets	235.61	77.88
	Sub-total - Non-financial Assets	4,095.31	3,767.06
	Total Assets	18,825.16	20,364.12
	II. LIABILITIES AND EQUITY
	LIABILITIES
	(1) Financial Liabilities
	(a) Derivative financial instruments	24.32	15.91
	(b) Payables
	(I) Trade payables (i) Total outstanding dues of MSMEs
	(ii) Total outstanding dues of creditors other than	1.01 536.43	0.40 409.92
	MSMEs
	(II) Other payables
	(i) Total outstanding dues of MSMEs
	(ii) Total outstanding dues of creditors other than MSMEs	318.31	211.10
	(c) Debt securities	7,208.70	7,370.99
	(d) Borrowings (other than debt securities)	1,678.58	2,356.95
	(e) Subordinated liabilities	1,121.98	1,313.30
	(f) Other financial liabilities	3,486.57	3,496.10
	Sub-total -Financial Liabilities	14,375.90	15,174.67
	(2) Non-Financial Liabilities (a) Provisions
	(b) Deferred tax liabilities (Net)	210.60	152.39
	(c) Other non-financial liabilities	19.04	12.57
	Sub-total -Financial Liabilities	229.64	164.96
	$(3)$ Equity
	(a) Equity Share capital	2,041.98	1,895.99
	(b) Other Equity	679.47	1,841.97
	Equity attributable to equity holders of the	2,721.45	3,737.96
	parent
	Non controlling interest Total Liabilities and Equity	1,498.17 18.825.16	1,286.53 20.364.12

$\chi$ . The $\chi$

IFCI LTD. - STATEMENT OF CASH FLOW (CONSOLIDATED)		(₹ in Crores)
Particulars	As at	As at
A. CASH FLOW FROM OPERATING ACTIVITES	30/09/21	30/09/20
Net Profit before Tax	(1,434.07)	(560.83)
Adjustments for:
Depreciation and amortisation	36.75	36.81
Impairment provision/ write offs	1,332.25	1,107.33
Unrealised gain/(loss) on investments	(36.53)	(3.56)
Impairment on Non-financial asset		12.53
(Profit)/ Loss on Sale of Assets	(0.36)	(0.05)
Fair value gain on investments measured at FVTPL		(0.27)
Actuarial movements reclassified to OCI	0.23	(0.96)
Dividend received		(24.41)
Finance Cost	0.10	0.09 (22.66)
Interest income Ind AS adjustments -others	(0.72) (4.94)	(11.08)
Operating Profit before Working Capital Changes &
Operating Activities	(107.29)	532.94
Adjustments for Operating Activities:
(Increase)/ decrease in Investments	(137.74)	(275.23)
(Increase)/ decrease in Inventory	4.94	0.05
(Increase)/ decrease in Loans & Advances	896.09	(230.10)
(Increase)/ decrease in Derivative Financial Instruments	8.41	26.03
Increase/ (decrease) in Trade Payables	222.87	41.90
Increase/ (decrease) in Subordinated Liabilities	(191.32)	0.03 27.64
(Increase)/ decrease in Receivables Increase/ (decrease) in Debt Securities	(66.12) (155.21)	(131.42)
Increase/ (decrease) in Borrowings	(683.68)	(818.23)
Operating Profit before Working Capital Changes	(209.05)	(826.39)
Adjustments for:
(Increase)/ decrease in Other Financial Assets	(3.32)	(6.24)
Increase/ (decrease) in Other Non-financial Asset	(2.39)	35.86
Increase/ (decrease) in Other Financial Liability	(7.37)	313.00
Increase/ (decrease) in Other Non-financial Liability	1.06	25.40
Increase/ (decrease) in Provision Increase/ (decrease) in other bank balances	98.91 7.56	(43.84) (19.10)
Increase/ (decrease) in assets held for sale		(0.04)
Cash Flow before taxation	94.45	305.04
Income Tax (paid)/ refund - Net	(27.41)	65.94
Net cash flow from Operating Activities	(142.01)	(455.41)
B. CASH FLOW FROM INVESTING ACTIVITIES Purchase of / Advance for property, plant and equipments
(including Leased property)	(14.13)	(9.69)
Proceeds from sale of investment property	0.23	(24.29)
Bank deposits not considered as cash and cash equivalents	$\overline{\phantom{0}}$	(125.77)
Purchase of Investments Proceeds from sale of property, plant and equipments (including	(8.74)	36.05
leased property)	3.86	0.14
Profit on sale of investments	2.90	(17.19)
Interest received	0.72	5.02
Net cash flow from Investing Activities	(15.16)	(135.73)
C. CASH FLOW FROM FINANCING ACTIVITIES
Short Term Borrowings Issue of Equity Shares	4.60	(0.75)
Share Premium (net of expenses)	$\overline{a}$	$\overline{a}$
	(16.94)	-
Dividend paid Finance Cost	(0.10)	(1.62)
		(2.37)
Net cash flow from Financing Activities	(12.44)
Net Increase/ (Decrease) in Cash and Cash Equivalent
Flow $(A+B+C)$	(169.60)	(593.50)
Opening Cash and Cash Equivalent	1,193.98	1,527.72

$\overline{A}$ , $\overline{A}$

$\sim$

Notes:

Place: New Delhi Date: 11 November 2021

• 1 The above financial results were reviewed b y the Audit Committee and approved by the Board of Directors at the meeting held on 11th November 2021. These results have been subjected to limited review by Mis M.K. Aggarwal Co, Chartered Accountants.
• 2 The Company has received Rs. 200 crore on March 15, 2021 from the Government of India towards subscription to the share capital during the Financial Year 2020-21 as share application money. In this regard, during the period under report the Compan y had made preferential allotment of 14,59,85,401 number of e quity shares of face value of Rs. 10/- each to the Government of India on April 23, 2021 @ Rs. 13.70/- per equity share (including security premium of Rs. 3.70/- per equity share).
• 3 The Company has changed its accounting policy whereby interest income on sta ge 3 assets ( except on assets which are standard under IRAC norms ) shall not be recognized in books of accounts with effect from 01st April 2021. Accordingly interest income is lower by Rs 93.53 crore (net of ECL) for the repotting period.
• 4 The Company is consistently following the policy of provision on loan assets on the basis of Ind AS norms vs IRAC norms, whichever is hi gher. As on September 30, 2021, Impairment allowance under I than RBI Prudential AS 109 is higher tandard assets provisioning). Accordingl ( IRACP) Norms (Includin gstandard y the company has provided for the amount as per Ind As in the books of accounts as on September 30, 2021. The existing impairment reserve of Rs.34.54 crores created upto September 30, 2021 has not been reversed. Though ECL on Loan Assets is computed on portfolio basis, however full impairment allowance has been made on loan accounts declared as fraud as per RBI norms.
• 5 The (Covid-19) pandemic globally and in India is causing significant disturbance in the financial Markets. On 11.03.2020, the Covid-19 outbreak was declared a global pandemic b y the World Health Organization ( WHO). It has resulted in si gnificant disruption in global and Indian economic activities. The situation has been under close watch b y the Company to take prompt actions for continuity of business operation is optimized manner. The Company believes that going forward, the impact of this outbreak will not be significant on its business and financial position.
• 6 The valuation of Investments in subsidiar y companies has been considered on the basis of financial statements of the subsidiaries for the period ended 30th June 2021, instead of 30th September 2021. There is no material impact of this on the financial results of the compan y .
• 7 Stockholding Corporation of India Ltd. (SHCIL) had during the year 2000-01 undertaken a transaction of 24.45 crore with a client throu gh the Calcutta Stock Exchange (CSE ) under the 'Cash on Payout' scheme for the sale of 7,20,000 equity shares of DSQ Industries Limited. The said transaction was confirmed by CSE based an which post-dated cheques were Issued. The cheques were stopped for payment before their due date by the Company as the underlying trade transaction was contended to be non-bonafide and disallowed b y C5E. A Bank, which had granted financial assistance against the said cheques, issued a notice of demand against the Company under Section 138 of the Negotiable Instrument Act, 1881. The Bank also filed an application In the Debt Recovery Tribunal (DRT) for recovery of the amount aiongwith compound interest from the Compan y and the client. The Company disputed the claim of the Bank. The Bank's application to the DRT was dismissed and only the client was held liable. The Bank and the client had filed an appeal in the Debt Recovery Appellate Tribunal (DRAT) against the order of DRT. The appeals were allowed vide the DRAT order dated September 23, 2011, which stated that the amount would carry compound interest from 1st Au gust 2001 Cr 19% p.a. with quarterly rests till realisation and the Bank was entitled to realize the sum from both the client and the Company. The Company filed a Revision Application in High Court, Calcutta on November 3D, 2011 which was admitted but no interim relief was granted. Hence, the Compan y filed a Special Leave Petition (SIP) in the Supreme Court for stay of the High Court Order for not granting interim relief of staying the DRAT order, the Order of the DRAT and the recovery certificate and notice of demand issued by Presiding Officer and recovery officer of DRT respectivel y. The Supreme Court vide its order dated April 23, 2012 g ranted stay on the recovery proceedings and requested the Calcutta Hi gh Court to dispose off the Revision Application within a period of four months and the Company to deposit k 30.00 acre with the Calcutta High Court Registry within a period of 4 weeks from the date of order by way of a short term deposit in a nationalised bank. Accordin g^l y, the Company had deposited the money with the Calcutta High Court, Registr^y . The revision application was dismissed. The Company Red Special Leave Petition (SLP) in the Supreme Court In May 2015. The Supreme Court vide its order dated May 14, 2015 stayed the operation of the execution proceedings and the Compan y to deposit with the Reg istrar, Supreme Court of India, a fixed deposit receipt in the name of the Compan y and endorsed In favour of the Registrar an amount of not less than 7 30.00 crore. Accordingly, the Company made the deposit. The amount off 60.00 crore, deposited by the Company In the High Court (8 30.00 crore) and Supreme Court (8 30.00 crore) is shown under the heading "Long Term Loans and Advances" under the sub headin g "Security and other deposits" in the Statement of Balance Sheet. The bank was g ranted liberty to withdraw 7 30.00 crore along with Interest that had been lying as deposit before the High Court of Kolkate which is subject to final decision in the SLP. Accordingly, an amount of 38.04 crore was released to the Bank. Further by an order dated October 12, 2015, the Supreme Court directed the bank to withdraw an additional amount of 15.00 crow alon g with accrued Interest from the money deposited with the Supreme Court. Accordingly, an amount off 15.45 crore was released to the Bank. The Special Leave petition has been converted into a Civil Appeal on Februar ^y 08, 2017 and the matter is listed In the Supreme Court for final disposal. The matter was last taken up for hearin g in February 2020.

The amounts released to the Bank is sub ject to the final decision in tine matter. In view of the nature of dispute, the amount of contin gent liability has not been ascertained. Pending final adjudication of the matter by the Honorable Supreme Court and also in view of the legal opinion obtained by SHCIL, in the opinion of SHCIL management no provision Is re quired to be made In the statement of Profit and Loss for the half year ended 30th September 2021.

• 8 On all the secured bonds and debentures issued by the Company and outstanding as on 30 September 2021, 100% security cover has been maintained against principal and interest, b y way of floating charge on receivables of the Compan y and/or Government Securities owned by the Compan y .
• 9 In the context of reportin g business/geog raphical seg ment as req uired by Ind AS 108 "Operating Segments'', the Compan y operations comprise of onl y one business segment of financing .Hence, there Is no reportable segment as per Ind AS 108.
• 10 The additional information as required under Regulation 52(4) of SEBI (Securities and Exchan ge Board of India SEBI (listing Obligations and Disclosure Re quirements) Regulations, 2015 Is annexed as Annexure A
• 11 The disclosure in respect of related party transactions on consolidated basis for the period ended 30th September 2021 have been annexed herewith this statement as Annexure B.
• 12 The figure for the quarter ended 30th September 2021 have been derived b y deducting the figures for the quarter ended 30th June 2021 from the figures of the period ended 30th September 2021.
• 13 The figures for the previous quarter/period have been regrouped / rearranged wherever necessary to conform to the current period presentation.

By Order of the Board

ef Executi e Officer

IFCI LTD. CIN: L74899DL1993G01053677 REGD. OFFICE : IFCI TOWER 61, NEHRU PLACE, NEW DELHI — 110 019 WEBSITE: www.ifciltd.com

Annexure A

Disclosure in compliance with Regulation 52(4) of Securities and Exchange Board of India SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015 for the period ended 30th September, 2021 on standlone basis

S.NO	Particulars	Unit	As at/ for the period ended 30.09.2021
1	Debt-Equity ratio 1	times	8.65
2	Debt Service Coverage Ratio 3	times	Not Applicable
3	Interest Service Coverage Ratio 3	times	Not Applicable
4	Outstanding Redeemable Preference Shares 3	Rs. In Crore	Not Applicable
5	Capital Redemption Reserve	Rs. In Crore	231.92
6	Debenture Redemption Reserve	Rs. In Crore	247.08
7	Net Worth 2	Rs. In Crore	1,139.32
8	Net Profit After Tax	Rs. In Crore	(1,243.66)
9	Earnings Per Share	Rs.	(6.09)
10	Current Ratio 3	times	Not Applicable
11	Long Term Debt to Working Capital 3	times	Not Applicable
12	Bad Debts to Account Receivable Ratio 3	times	Not Applicable
13	Current Liability Ratio 3	times	Not Applicable
14	Total Debts to Total Assets 4	times	0.76
15	Debtors Turnover 3	times	Not Applicable
16	Inventory Turnover 3	times	Not Applicable
17	Operating Margin 5	%	-74.69%
18	Net Profit Margin	%	-374.59%
19	Sector Specific Equivalent Ratios
(a)	CRAR 7	%	-37.45%
(b)	Gross credit impaired Assets Ratio a	%	85.39%
(C)	Net credit impaired Assets Ratio 9	%	63.63%
Notes:
1	Debt-Equity ratio = Net Debt/Net worth
2	Net Worth is calculated as defined in Section 2(57) of Companies Act, 2013
3	The company is registered under the Reserve Bank of India, 1934 as Non-Banking Financial Company, hence these ratios are generally not applicable.
4	Total Debts to Total Assets = (Debt securities + Borrowings (other than Debt Securities) +Subordinated

• 5 Operating Margin = Net Operating Profit before Tax/ Total Revenue from Operations
• 6 Net Profit Margin = Net Profit after Tax/ Total Income
• 7 CRAR = Adjusted Net Worth/ Risk Weighted Assets, calculated as per RBI guidelines
• 8 Gross credit impaired Assets Ratio = Gross Credit Impaired Assets/ Gross Loan Assets
• 9 Net credit impaired Assets Ratio = Net Credit Impaired Assets/ Net Loan Assets ."

Liabilities)/ Total Assets

IFCI LTD. CIN: L74899DL1993GOI053677 REGD. OFFICE : IFCI TOWER 61, NEHRU PLACE, NEW DELHI - 110 019 WEBSITE: www.ifciltd.com

Annexure B

Disclosure in compliance with Regulation 23(9) of Securities and Exchange Board of India SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the period ended 30th September, 2021 on consolidated basis

Transactions with the Related parties during the period ended September 30, 2021

		(Rs. In Crores)
S.NO	Particulars	For the period ended 30.09.2021
	Entities under the control of same government
$ a\rangle$	Advisory Income	19.00
b)	Interest Income on G Sec	25.56
$\vert c)$	Rental Income	5.26
2	Compensation of key managerial personnel
a)	Short-term employee benefits	1.50
b	Post-employment defined benefit	0.19
$\vert c)$	Compensated absences
d)	Share-based payments
$\vert$ e)	Termination benefits
f)	Sitting fees	0.04

30, Nishant Kunj, Pitam Pura, New Delhi-110034

NI Tele :01147517171, 27355151 N.: 9899997699, 9810064176 Email atul@dmkac.in Website www.mkac.in

independent Auditor's Limited Review Report on Unaudited Standalone Financial Results of JECI Limited for the Ouarter and Half Year Ended 30th September 2021 pursuant to the Regulation 33 & Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended

To, The Board of Directors of !HI Limited New Delhi

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of IFCI Limited ('The Company') for the quarter and half year ended 30rii September, 2021 (the "statement") attached herewith, being submitted by the company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. This statement, which is the responsibility of the Company's Management and has been approved by the Board of Directors, of the Company, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting standards Chid AS 34') "Interim Financial Reporting", prescribed under section 133 of the Companies Act, 2013, as amended read with relevant rules issued there under, as applicable and other accounting principles generally accepted in India. Our responsibility is to issue a report on these financial statements based on our review.
• 1. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Financial Statements are free from material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited financial prepared in accordance with applicable Indian Accounting Standards specified under Section 133 of the Companies Act, 2013, as amended, read with rules issued there under and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms

of Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) regulations, 2015, including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accordance with relevant prudential norms issued by the Reserve Bank of India (so far it is not inconsistent with IND AS norms) in respect of income recognition, asset classification, provisioning and other related matters.

Emphasis of Matter

• 1. We draw attention Note No. 3 of the financial results regarding change in accounting policy towards non-recognition of interest income on stage 3 assets. Accordingly, the interest income is lower by 93.53 Crores (net of ECL) for the reporting period.
• 1. We draw attention to Note No. 5 of the financial results regarding the entity's impact of COVID-19 pandemic on its financial results.
• 1. We draw attention to Note No. 6 where the valuation of the investments in subsidiary companies has been considered on the basis of Financial Statements for the Quarter ended 30th June 2021.
• 1. The Capital Risk Adequacy Ratio (CRAR) stands at (-) 37.45% as on 30.09.2021, below the RBI stipulated guidelines vide circular dt. 31st May 2018 (RB1/2017-18/181DNBR (PD) CC. No. 092/03.10.001/2017-18).

Our Opinion is not modified ill respect of these matters.

For M. K.Aggarwal & Co. Chartered Accountants Firm Registration No: 01411N

ATUL AGGARWAL

CA Atul Aggarwal Partner Membership No. 099374 ODIN: 21099374AAAA1-115662

Place:- New Delhi Date:- 11/1 November 2021

30, Nishant Kunj, Pitam Pura, New Delhi-110034

Tele : 011-47517171, 273551 si M.: 9899997699, 98100614176 Email : atulCtmkac.in Website : www.mkat.in

• Independent Auditor's Limited Review Report on Unaudited Consolidated Financial Results of the Company for the Quarter and Half Year Ended 30th September 2021, pursuant to the Regulation 33 & Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended

To, The Board of Directors of IFCI Limited New Delhi

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of IFCI LTD ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit/(loss) after tax and total comprehensive income/loss for the quarter and Half Year ended 30.09.2021 (the "statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 & Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. This statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting standards Chid AS 34') "Interim Financial Reporting", prescribed under section 133 of the Companies Act, 2013, as amended -read with relevant rules issued thereunder, as applicable and other accounting principles generally accepted in India. Our responsibility is to issue a report on these financial statements based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information performed by the .Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accorclancewith Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.
• S. The consolidated financial results includes the results of the following entities:

S. No.	Name of the Entity	Relationship
1.	IFCI Limited	Parent Company

2.	IFC1 Financial Services Ltd. (IFIN)	Subsidiaries
3.	I ['CI Venture Capital Funds Ltd. (1VCF)	Subsidiaries
4.	IFCI Infrastructure Development Ltd. (IIDL)	Subsidiaries
5.	IFCI Factors Ltd. [IFL)	Subsidiaries
6.	M PCON Ltd.	Subsidiaries
7.	Stock Holding Corporation of India Ltd.	Subsidiaries
8.	IFIN Commodities Ltd. (indirect control through WIN)	Step-down subsidiaries
9.	1FIN Credit Ltd. (indirect control through 1F1N)	Step-down subsidiaries
10.	1FIN Securities Finance Limited (indirect control through I Fl N)	Step-down subsidiaries
11.	1IDL Realtors Pvt. Ltd. (indirect control through IIDL)	Step-down subsidiaries
12.	SHC1L Services Ltd. (indirect control through SHC1L)	Step-down subsidiaries
13.	Document Management Services Stockholding Limited (indirect control through SHCIL)	Step-down subsidiaries
14.	Stockholding Securities 1FSC Limited (indirect control through SHCIL)	Step-down subsidiaries

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on consideration of the review reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with the Indian Accounting Standards as specified u/s 133 of the Companies Act, 2013, as amended read with relevant rules issued there under and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the SEB1 (Listing Obligations and Disclosure Requirements) regulations, 2015, including the manner which it is to be disclosed, or that it contains any material misstatement.
• 1. We did not review the unaudited financial results of six subsidiaries and seven stepdown subsidiaries included in the consolidated unaudited financial results, whose financial results reflect total income of Rs. 282.70 crores & Rs. 462.90 crores, total net profit/loss after tax of Rs. 89.21 crores & Rs. 106.50 crores and total comprehensive income (net of tax) of Rs. 273.95 crores & Rs. 451.61 crores for the quarter & half year ended 30.09.2021 respectively, as considered suitably in the consolidated unaudited financial results. These unaudited financial results have been reviewed by other Auditors whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above. According to the

information and explanations given to us by the management, these interim financial results are not material to the Group.

Emphasis of Matter

• 1. We draw attention Note No. 3 of the financial results regarding change in accounting policy towards non-recognition of interest income on stage 3 assets. Accordingly, the interest income is lower by 93.53 Crores (net of ECL) for the reporting period.
• 1. We draw attention to Note No. 5 of the financial results regarding the entity's impact of COVID-19 pandemic on its financial results.
• 1. We draw attention to Note No. 7 of the Financial Results related to outcome of continuing litigation of Stock Holding Corporation of India Limited with a Bank, pending adjudication of the matter by the Honorable Supreme Court. As per the legal opinion obtained by the Management of Stock Holding Corporation of India Limited, no provision has been recognized in the Statement of Profit and Loss.

Our Opinion is not modified in respect of these matters.

For M K Aggarwal & Co. Chartered Accountants Firm Registration No: 001411N

ATUL AGGARWAL

CA Atul Aggarwal Partner Membership No. 099374 UDIN: 21099374AAAAHK915

Place: - New Delhi Date: - 11^th November 2021