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IFCI Ltd. Interim / Quarterly Report 2024
59191_rns_2024-08-08_9931f1a6-6b7c-474f-a66e-43fcc06652c9.pdf
Interim / Quarterly Report
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(WM infant MT TOFF) August 08, 2024
| No. IFCI/CS/2024- 49S | No. IFCI/CS/2024- 496 |
|---|---|
| 1. National Stock Exchange of 2. BSE Limited India Limited Exchange Plaza Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (East) Mumbai - 400 051 |
Department of Corporate Service Phiroze JeeJeebhoy Tower Dalai Street, Fort Mumbal - 400 001 |
| CODE:IFCI | CODE:500106 |
Dear Sir/Madam,
Re: Outcome of the Board Meeting held on August 08, 2024.
The Board at its Meeting held on August 08, 2024, has inter-alia approved the Un-audited (standalone and consolidated) financial results of the Company for the quarter ended June 30, 2024. Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the same are enclosed herewith along with respective Limited Review Reports and other requisite annexures as Annexure — I.
Meeting of Board Commenced at 12:30 P.M. and concluded at 03:10 P.M.
Ti. Lfui rnatiori & records.
Thanking You
Yours faithfully For IFCI Limited
SHARMA Digitally signed by PRIYANKA SHARMA Date: 2024.08.08 15:21:55 +05'30'
"Company Sharma) V Company Secretary
Encl.: As above
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110 019 tilfrZr cniti 311tUrRi131rt dicie, 61 .0-6, nt R - 8aill:=1: +91-11-4173 2000, 4179 2800 l*Ma: +91-11-2623 0201, 2648 8471 24W: WWW. I fciltd.com 7i131-1Q7: L74899DL1993G01053677 1948 g ei% ,172r1 PRIYANKA
IFCI 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
A-o-ktsz-X LL
IFCI LTD. ON: L7489901.1993001053677 REGD. OFFICE: IFCI TOWER 61, NEHRU PLACE, NEW DELHI -110 1119 WEBSITE: www.ifciltd.cam
| (T in Crores) | ||||||
|---|---|---|---|---|---|---|
| Standalone Results | ||||||
| Particulars | Quarter ended 30/06/24 (Unaudited) |
Quarter ended 31/03/24 (Audited) |
Quarter ended 30/06/23 (Unaudited) |
Year ended 31/03/24 (Audited) |
||
| 1 | Revenue from operations | |||||
| a) | Interest Income | 95.20 | 233.26 | 30.13 | 429.34 | |
| b) | Dividend Income | 1.54 | 35.35 | 24.99 | 113.10 | |
| c) | Rental Income | 8.74 | 12.23 | 9.94 | 42.74 | |
| d) | Fees and commission Income | 4.62 | 34.25 | 8.54 | 68.39 | |
| e) | Net gain on fair valueshanaes | 12.28 | 67.80 | 3.01 | 186.54 | |
| Total Revenue from operations | 122.38 | 382.89 | 76.61 | 840.11 | ||
| 11 _ Other Income | 0.81 | 53.37 | 0.76 | 55.83 | ||
| Expenses | Total income | 123.19 | 436.26 | 77.37 | 895.94 | |
| 2 | a) | Finance costs | 134.39 | 139.94 | 572.75 | |
| b) | Foreign exchange loss | (0.34) | 146.22 • (1.93) |
8.84 | 12.89 | |
| c) | Impairment on financial instruments | (13.33) | (81.81) | 52.05 | (335.17) | |
| d) | Employee Benefits Expenses | 20.16 | 24.85 | 26.43 | 91.61 | |
| e) | Depreciation and Amortization | 6.05 | 6.05 | 6.02 | 24.16 | |
| f) | Others expenses | 12.29 | 1437 | 14.05 | 45.91 | |
| Total expenses | 159.21 | 107.75 | 247.33 | 412.14 | ||
| Profit/ (loss) before exceptional and tax (1-2) | (36.02) | 328.51 ' |
(169.96) | 483.80. | ||
| 4 | Exceptional items | - | ||||
| Profit/ (loss) before tax (3-4) | (36.02) | 328.51 | (169.96) | 483.80 | ||
| 6 | Tax expense | |||||
| a) b) |
Income tax i Taxation for earlier years |
- | - | - | - | |
| c) | Deferred Tax (Net) | - 112.21 |
- 113.01 |
(8.99) | - 355.55 |
|
| Total Tax expense 16(a) to 6(c)1 | 112.21 | 113.01 | (8.99) | 355.55 | ||
| 7 | Profit/(loss) for the period (5+6) | (148.24) | 215.51 | (160.97) | 128.25 | |
| 8 | Other Comprehensive Income | |||||
| a) | Items that will not be reclassified to profit or loss | |||||
| -Fair value changes on FVTOCI - equity securities | 40.52 | 85.99 | 2.97 | 206.57 | ||
| -Loss on sale of FVTOCI - equity securities | (39.61) | (77.83) | (183.33) | |||
| -Actuarial aain/(loss) on defined benefit obligation | - | - | ||||
| Income tax relating to items that will not be | - | |||||
| reclassified to profit or loss -Tax on Fair value changes on FVTOCI - Equity securities |
(14.16) | (30.05) | - | - | ||
| -Tax on Actuarial aeinilloss) on Defined benefit obligation | - | (1.04) - |
(72.18) | |||
| (1324) | (21.89) | 1.93. | (48.94) | |||
| b) | Items that will be reclassified to profit or loss | |||||
| -Debt securities measured at fl/TOCI - net change in fair value |
(8.24) | 8.05 | (0.70) | 13.53 | ||
| -Debt securities measured at FVTOCI - reclassified to profit and loss |
- | - | - | - | ||
| Income tax relating to items that will be reclassified 10 profit or loss |
- | - | - | - | ||
| -Tax on Fair value changes On FVTOCI - Debt securities | 2.88 | (2.82) | 0.24 | (4.74) | ||
| Subtotal (b) | 5.23 | (0.16) | 8.79 | |||
| Other comprehensive income /.(loss) (IWO tax) | (18.60) | (16.66) | 1.47 | (40.151 | ||
| Total comprehensive income / (loss) (after tax) (7+8) | (166.84) | 198.85 | (159.50) | 88.10 | ||
| 10 | Paid-up equity share capital (Face Value of k 10/- each) | 2,613,59 | 2,489.61 | 2,489.61 | 2,489.61 | |
| 11 12 |
Other eguitv (as per audited balance sheet as at 31st March) Earnings per share (face value of t 10 each) (not annualised for the |
(1,275.41) | ||||
| interimperiods): | ||||||
| (a) (b) |
Basic (t) Diluted (t) |
(0.57) | 0.87 0.87 |
(0.65) | 0.52 0.52 |
|
| (0,57) | (0.65) |
See accompanying notes to the financial result.
IFCI LTD. C1N: L74899DL1993G01053677 REGD. OFFICE : 'Fa TOWER 61, NEHRU PLACE, NEW DELHI - 110 019 WEBSITE: www.ifciltd.com
STATEMENT OF UNAUDITED (CONSOLIDATED) FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE, 2024
| hi Crore) | |||||
|---|---|---|---|---|---|
| Particulars | Quarter ended 30/06/24 (Unaudited) |
Consolidated Results Quarter ended 31103/24 (Audited) |
Quarter ended 30/06/23 (Unaudited) |
Year ended 31103/24 (Audited) |
|
| 1 | Revenue from operations | ||||
| Interest Income a) |
120.85 | 270.41 | 54.75 | 553.83 | |
| Dividend Income b) |
1.54 | (70.57) | 24.99 | 183.36 | |
| Rental Income c) |
8.03 | 13.55 | 8.34 | 39.68 | |
| Fees and commission Income d) |
135.12 | 166.37 | 127.19 | 539.96 | |
| Net gain on fair value changes e) |
14.17 | 90.34 | 4.42 | 212.18 | |
| Sale of products (including Excise Duty) 1) |
0.07 | 0.06 | 0.66 | 0.85 | |
| Sale of services g) |
108.02 | 135.26 | 99.51 | 456.72 | |
| Total Revenue from operations | 387.80 | 605.42 | 319.85 | 1,986.58 | |
| Other Income h) |
17.32 | 103.10 | 4.51 | 128.24 | |
| Total income | 405.12 | 708.52 | 324.36 | 2,114.82 | |
| 2 | Expenses • |
||||
| Finance costs a) |
134.52 | 135.87 | 144.03 | 571.13 | |
| b) | Fees and commission expense | 27.63 | 27.01 | 34.35 | 98.39 |
| c) | Net loss on fair value changes | - | _ | - | - |
| d) | Impairment on financial instruments Cost of materials consumed |
(11.52) | (61.30) | 59.48 | (294.28) |
| e) 0 Purchases of Stock-intrade |
0.43 | 0.41 | 2.08 | 3.17 | |
| g) | Employee Benefits Expenses | 0.07 70.21 |
0.05 99.51 |
0.13 76.35 |
0.31 313.73 |
| h) | Depreciation and Amortization | 20.07 | 20.70 | 17.97 | 80.89 |
| i) | Others expenses | 123.31 | 203.00 | 117.56 | 593.69 |
| Total expenses | 364.72 | 425.25 | 451.95 | 1,367.03 | |
| Profit/ (loss) before exceptional and tax (1-2) | 40.40 | 283.27 | (127.59) | 747.79 | |
| 4 | Exceptional items | - | (4.00) | 0.50 | (3.09) |
| 5 | Profit/ (loss) before tax (3-4) | 40.40 | 287.27 | (128.09) | 750.88 |
| Tax expense | |||||
| a) | Income tax | 15.95 | 0.73 | 11.02 | 54.88 |
| b) | Taxation for earlier years - | (0.95) | 0.40 | 0.75 | 1.15 |
| c) | Deferred Tax (Net) | 113.37 | 128.82 | (10.50) | 453.80 |
| 7 | Tax expense [ 6(a) to 6(c) ] Profit/(loss) for the period after taxes (5-6) |
128.37 | 129.95 | 1.27 | 509.83 |
| 8 | Share of net profit of associates and joint ventures accounted for using the | (87.97) | 157.32 | (129.36) | 241.05 |
| equity method | _ | ||||
| 9 | Profit/(Joss) for the period (7+8) | (87.97) | 1.57.32 | (129.36) | 241.05 |
| 10 Other Comprehensive Income | |||||
| a) | Items that will not be reclassified to profit or loss | ||||
| -Fair value changes on FVTOCI - Equity securities | 608.11 | 306.06 | (41.47) | 693.39 | |
| -Crain/(loss) on sale of FVTOC1- Equity securities | (38.57) | (77.82) | (183.32) | ||
| -Actuarial gaird(loss) on Defined benefit obligation | 1.19 | (5.07) | (0.16) | (5.53) | |
| Income tax relating to items that will not be reclassified to profit or loss | |||||
| -Tax on Fair value changes on FVTOCI - Equity securities | (143.77) | (80.43) | 9.57 | (180.71) | |
| -Tax on Actuarial gain/(loss) on Defined benefit obligation | (0.29) | 1.35 | 0.08 | 1.49 | |
| b) | Items that will be reclassified to profit or loss | ||||
| - Debt securities measured at FVTOCI - net change in fair value | (8.24) | 8.06 | (0,70) | 13.54 | |
| - Debt securities measured at FVTOCI - reclassified to profit and loss | 0.01 | - | - | - | |
| - Exchange differences in foreign operations translations | - | 0.03 | (0.04) | 0.21 | |
| Income tax relating to items that will be reclassified to profit or loss | |||||
| -Tax on Fair value changes on FVTOC1 - Debt securities | 2.88 | (2.82) | 0.24 | (4.74) | |
| Other comprehensive income / (loss) (net of tax) | 421.32 | 149.36 | (32.48) | 334.33 | |
| 11 | Total comprehensive income / (loss) (after tax) (9+10) | 333.35 | 306.68 | 1161.84) | 575.38 |
| 12 | Profit/ (loss) for the period attributable to Equity holders of the parent | (108,20) | 133.33 | (139.98) | 103.66 |
| Non-controlling interest Other comprehsive income/ (loss) attributable to Equity holders of the parent |
20.23 | 24.00 | 14.22 | 137.40 | |
| 13 | Non-controlling interest | 214.42 | 70.27 | (16.43) | 157.12 |
| 14 | Total comprehensive income/ (loss) attributable to Equity holders of the parent | 206.90 106.22 |
79.09 203.64 |
(16.05) (156.41) |
177.21 260.78 |
| Non-controlling interest | 227.13 | 103.05 | (1.83) | 314.61 | |
| Paid-up equity share capital (Face Value of Z 10/- each) | 2,613.59 | 2,489.61 | 2,489.61 | 2,489,61 | |
| 15 | Other Equity (as per audited balance sheet as at 3 r:-.apr---,,, |
----"'r:.:-. | 2,044.63 | ||
| 16 | |||||
| 17 | Earnings per share (face value Z 10 each) (not | ||||
| (a) | u1' 1 o , el)i Leriod): - Basic() |
0.54 | |||
| (b) | r itallIMINNIMIIIMINEM Diluted (t) 6 411-11F- Delhi |
' (0-41) r_ ' , _ i (0.41) |
0.54 | (0.56) (0.56) |
0.42 0.42 |
IFC1 DD. CIN: L7489901.1993601053677 REGD. OFFICE IFCI TOWER 61, NEHRU PLACE, NEW DELHI -110 019 WESSITE: www.Ifclltd.corn
Notes:
- 1The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on 08th August 2024. These results have been reviewed by M/s S Mann and Company, Chartered Accountants,
- 2 The Company has received an amount of Rs. 500 crore from GOI on March 08, 2024, towards subscription to the share capital of the Company for the FY 202.3-24 as share application money. In this regard, 12,39,77,188 number of equity shares of face value of Rs. 10/- each were allotted to GOI on April 18, 2024 @ Rs. 40.331- per equity share (including security premium of Rs. 30.33/- per equity share). The issue proceeds have been fully utilised and there are no deviation(s) from the stated objects. The statement as prescribed under Regulations 32(1), 32(2) and 32(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 CSEBI LOOP. Regulations) has been annexed as Annexure A.
- 3 As on June 30, 2024, provisioning required under RBI Prudential (IRACP) Norms (including standard assets provisioning) is higher than impairment allowance under Ind AS 109 by Fts.203.54 crore. As per management estimate, the difference is temporary and will be subsumed by the year end i.e. by March 31, 2025. Therefore, the company has not transferred the said amount to impairment reserve on June 30, 2024, as required by RBI notification no "DOR (NBFC) CC. PD. No109/22.10.105/2019-20 dated March 13, 2020. However, impairment allowance(Provision on NPA's) higher of RBI norms Vs ECL has been charged to the profit and loss for Rs.98.87 crores during the period ended June 30, 2024. Further, existing impairment reserve of Fts.104.67 crores created till March 31, 2024 has not been reversed. ECL on Loan Assets is computed on portfolio basis. LCD percentage as on 30th June 2024 is 67.12%.
- 4 During FY 2023-24, the Company has changed its accounting policy whereby Interest income on stage 3 assets ( except on assets which are standard under IRAC norms) shall be recognized in books of accounts with effect from 01st April 2021. During the quarter ended June 30, 2024, the company has recognised the Interest Income of Rs. 44.90 crore and written off Rs. 41.03 crone as bad debts, since there is no expectation of recovery for the same.
- 5 Though Gross NPA level percentage has increased, Gross NPA level is corning down in absolute term on account of IFta not taking any fresh loan exposure and thereby shrinkage of standard loan accounts.
| Jun-24 | |
|---|---|
| Gross NPAs | 4,303.64 |
| Gross NPA % | 96.08% |
- 6 The valuation of Investments in subsidiary companies has been considered on the basis of financial statements of the subsidiaries for the period ended 31st March 2024, instead of 30th June 2024. There is no material impact of this on the financial results of the company.
- 7 In the matter of Stockholding Corporation of India Ltd. (SHCIL) certain litigation is sub-judice before the Hontle supreme court since May 2015. As per legal opinion obtained by the management of SKIL, no provision has been recognised in the statement of profit and loss.
- On al the secured bonds and debentures issued by the Company and outstanding as on 30th June 2024, 100% security cover has been maintained against principal and interest, by way of floating charge on receivables of the Company and/or Government Securities owned by the Company. The security cover in the prescribed format has been annexed as Annexure B.
- 9 The Capital Risk Adequacy Ratio (CRAR) stands at (-) 51.21% as on 30th June, 2024, below the RBI stipulated guidelines vide circular dt. 31st May 2018 (RBI/2017- 18/181DNBR (PD) CC. No. 092/03.10.001/2017-18).
- 10 Some Audit observations in case of Subsidiary Companies are based on routine operations of the companies. The financial impact of such observations are not considered material, on overall basis.
- 11 In the context of reporting business/geographical segment as required by Ind AS 108 'Operating Segments", the Company operations comprise of only one business segment of financing. Hence, there is no reportable segment as per Ind AS 108.
- 12 The details of loan transferred during the period ended June 30, 2024 under Master Direction Reserve Bank of India (Transfer of Loan Exposure) Directions, 2021 dated 24th September, 2021 is as follows:
Details of stressed loans transferred during the quarter
| (Amount in Rs. Crores |
|||
|---|---|---|---|
| Particulars | To ARCS | To permitted trancfpropc |
|
| 1 | Number of Accounts | 1 | - |
| 2 | Aggregate outstanding of accounts sold to SC/ RC | 90.01 | - |
| 3 | Weighted average residual tenor of the loans transferred | - | |
| 4 | Net book value of loans transferred (at the time of transfer |
1121 | - |
| 5 | Agoregate consideration | 46.84 | - |
| 6 | Additional consideration realized in respect of accounts | 6.2 | - |
| 7 | Aggregate gain/ (loss) over net book value | 35.63 |
| Details of loans acquired during the quarter | ||||||||
|---|---|---|---|---|---|---|---|---|
| Amount in Rs. Crores | ||||||||
| From lenders | From ARCs | |||||||
| 1 Aggregate principal outstanding of loans acquired | 13.72 | |||||||
| 2 Aggregate consideration paid | 8.28 | NIL | ||||||
| 3 Weighted average residual tenor of loans acquired | 3.38 years |
Further, there are no cases during the period ended June 30, 2024, where resolution plan implemented under the resolution framework for COVID 19 related stress as per RBI Circular dated 6th August 2020.
lea LTD. Cl N: L748990L1993001053677 REGD. OFFICE: IFCI TOWER 61, NEHRU PLACE, NEW DELHI - 110 019 WEBS1TE: www.dciltd.com
- 13 The additional information as required under Regulation 52(4) of SEBI (Securities and Exchange Board of India SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed as Annexure c.
- 14 The figure for the quarter ended 31st March 2024 have been derived by deducting the figures for the period ended 31st December 2023 from the figures of the period ended 31st March 2024.
- 15 As per the applicability criteria provided under SEBI circular SEBI/HO/DDHS/P/2018/1 44 dated November 26, 20/8, company is not a large corporate, hence the disclosure required to be made in terms of the said circular is not applicable.
- 16 The figures for the previous quarter/period have been regrouped / rearranged wherever necessary to conform to the current period presentation.
Place: New Delhi Date: 08 August 2024
(Rahul B ave) Deputy Managing Director
Annexure-A
| Statement of Deviation / Variation in utilisation of funds raised | ||||||
|---|---|---|---|---|---|---|
| Name of listed entity | IFCI Limited | |||||
| Mode of Fund Raising | Preferential Issue | |||||
| Date of Raising Funds | March 08, 2024 (Date of Receipt of Funds) | |||||
| Amount Raised | Z500 crore | |||||
| Report filed for Quarter ended | June 30, 2024 | |||||
| Monitoring Agency | NA | |||||
| Monitoring Agency Name, if applicable | ||||||
| Is there a Deviation / Variation in use of funds raised | No | |||||
| If yes, whether the same is pursuant to change in terms of a contract | •NA | |||||
| or objects, which was approved by the shareholders | ||||||
| If Yes, Date of shareholder Approval | ||||||
| Explanation for the Deviation / Variation | ||||||
| Comments of the Audit Committee after review | ||||||
| Comments of the auditors, if any | ||||||
| Objects for which funds have been raised and where there has been a deviation, in the following table | ||||||
| Original Object | Modifie | Original | Modifi | Funds utilized | Amount of | Remarks, if any |
| d | Allocation | ed | Deviation/Variat | |||
| Object, | Allocat | ion for the | ||||
| if any | ion, if | quarter | ||||
| _ | any | according to | ||||
| applicable object | ||||||
| The whole proceeds of | NA | Z499,99,99,992.04 | NA | Z415,29,92,206.70 | None | As against the fund of Z500 crore |
| the preferential issue to | raised, Z499,99,99,992.04/- had been | |||||
| be used servicing its | utilised for allotment of 123977188 | |||||
| debt obligations | equity shares @Z40.33/- (including | |||||
| • | premium of Z30.33/- per share) and | |||||
| balance Z7.96/- was refunded to GoL |
Deviation or variation could mean:
(a) Deviation in the objects or purposes for which the funds have been raised or
(b) Deviation in the amount of funds actually utilized as against what was originally disclosed or
(c) Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc
AVI 9^% COLA:9,A.
| ANNEXURE I-FORMAT OF SECURITY COVER | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amt in crore | ||||||||||||||
| Column A | Column B | Column $C^j$ | Column D' | Column E iii | Column F w | Column G | Column Hvi | Column Ivi. | Column J | Column K | Column L | Column M |
Column N | Column O |
| Particulars | Exclusive. Charge |
Exclusive Charge |
Pari-Passu Charge |
Pari-Passu Charge |
Pari-Passu Charge |
Assets not offered as Security |
Elimination (amount in negative) |
(Total C to H) |
Related to only those items covered by this certificate | |||||
| Description of asset for which this certificate relate |
Debt for which this certificate being issued |
Other Secured Debt |
Debt for which this certificate being issued |
Assets shared by pari passu debt holder (includes debt for which this certifictae is issued & other debt with pari passu charge) |
Other assets on which there is pari passu Charge excluding items covered in column F) |
debt amount considered more than once ( due lo exclusive plus pari passu- charge) |
Market value for Assets charged on exclusive basis |
Carrying book value for exclusive charge assets where market value no is. ascertainabl $\Omega$ applicable (For Eg. Bank Balance. DSRA market.value no applicable) |
Market Value for Pari passu charger Assets viii |
Carrying value/book value f(x) pari. passu charge assets where market value $\left \text{is} \right $ not ascertainable or applicable (For- Eα. Bank Balance. DSRA market value iš. not applicable) |
Total Value $(=K+L+M+N)$ |
|||
| Book | Relating to Column F | |||||||||||||
| Book Value | Value | Yes/No | Book Value | Book Value | ||||||||||
| ASSETS | ||||||||||||||
| Property, Plant and Equipment |
593.26 | 593.26 | ||||||||||||
| Capital Work in-Progress | $\mathbf{r}$ | $\overline{\phantom{a}}$ | $\sim$ | |||||||||||
| Right of Use Assets | $\overline{a}$ | $\blacksquare$ | ||||||||||||
| Goodwill | $\blacksquare$ | |||||||||||||
| Intangible Assets | 0.17 | 0.17 | ||||||||||||
| Intangible Assets under Development |
$\overline{a}$ | $\sim$ | ||||||||||||
| Investments_ | 2,796.50 | 2,796.50 | ||||||||||||
| Loans | Yes | 1,288.55 | $\sim$ | 1,288.55 | 1,288.55 | 1,288.55 | ||||||||
| Inventories | $\sim$ | |||||||||||||
| Trade Receivables | M A | Yes | 87.76 | 87.76 | $\frac{1}{\sqrt{2}}$ | 87.76 | 87.76 | |||||||
| Cash and Cash Equivalents | $\bar{c}_{\rm O}$ | 27.17 | 27.17 | and weal Mist clar IFCI |
S. |
| Bank Balances other than cash and cash equivalents |
1,515.52 | 1,515.52 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Others | 1,673.54 | 1,673.54 | ||||||||
| Total | - | - | - | 1,376.31 | 6,606.16 — | 7,982.47 | 1,376.31 | 1,376.31 | ||
| LIABILITIES | ' | |||||||||
| Debt securities to which this certificate pertains |
Yes | 1258.91 | 1,258.91 | |||||||
| Other debt sharing pari passe charge with above debt |
||||||||||
| Other Debt | ||||||||||
| Subordinated debt | 744.57 | 744.67 | r | |||||||
| Borrowings | - | |||||||||
| Bank | - | - | ||||||||
| Debt Securities | not to be filled |
3,120.99 | 3,120,99 | _. | ||||||
| Others ( FC borrowing) | ||||||||||
| Trade payables | 47.54 | 47.54 | ||||||||
| Lease Liabilities | - | |||||||||
| Provisions | 84.59 | 84,59 | ||||||||
| Others | 2,725,78 | • 2,725.78 | ||||||||
| Total | 1,258.91 | 6,723.56 | 7,982.97 | |||||||
| :cover on Book Value | . 1.09 | |||||||||
| .00Vdr On Market Value ix | ||||||||||
| Exclusive Security Cover Ratio |
Pari-Passu Security Cover Ratio " |
|||||||||
2
IFCI LTD. CIN: L74899DL1993G01053677 REGD. OFFICE: IFCI TOWER 61, NEHRU PLACE, NEW DELHI — 110 019 WEBSITE: www.ifciltd.com
Annexure C
Disclosure in compliance with Regulation 52(4) of Securities and Exchange Board of India SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ended 30 June, 2024 on standlone basis
| S.NO | Particulars | Unit | As at! for the quarter ended 30.06.2024 |
||
|---|---|---|---|---|---|
| 1 | Debt-Equity ratio 1 | times | 4.89 | ||
| 2 | Outstanding Redeemable Preference Shares | Rs. In Crore | Nil | ||
| 3 | Capital Redemption Reserve | Rs. In Crore | 231.92 | ||
| 4 | Debenture Redemption Reserve | Rs. In Crore | 87.58 | ||
| 5 | Net Worth 2 | Rs. In Crore | 1,047.36 | ||
| 6 | Net Profit After Tax | Rs. In Crore | (148.24) | ||
| 7 | Earnings Per Share | Rs. | (0.57) | ||
| 8 | Total Debts to Total Assets 3 | times | 0.64 | ||
| 9 | Operating Margin 4 | ok | -40.33% | ||
| 10 | Net Profit Margin 5 | To | -120.33°/0 | ||
| 11 | Sector Specific Equivalent Ratios | ||||
| (a) | CRAR 6 | % | - 5 1 . 2 1 % | ||
| (b) | Gross credit impaired Assets Ratio 7 | % | 96.08% | ||
| (C) | Net credit impaired Assets Ratio 8 | % | 83.87% |
Notes: 1 Debt-Equity ratio = Debt/Net worth
2 Net Worth is calculated as defined in Section 2(57) of Companies Act, 2013
3 Total Debts to Total Assets = (Debt securities + Borrowings (other than Debt Securities) +Subordinated Liabilities)/ Total Assets
4 Operating Margin = Net Operating Profit before Tax/ Total Revenue from Operations
5 Net Profit Margin = Net Profit after Tax/ Total Income
6 CRR = Adjusted Net Worth/ Risk Weighted Assets, calculated as per RBI guidelines
7 Gross credit impaired Assets Ratio = Gross Credit Impaired Assets/ Gross Loan Assets
8 Net credit impaired Assets Ratio = Net Credit Impaired Assets/ Net Loan Assets
9 Debt Service coverage Ratio, Interest Service Coverage Ratio, Current Ratio, Current Liablity Ratio, Long Term Debt to Working Capital, Debtors Turnover, Inventory Turnover and Bad Debts to Account Receivable Ratio is not applicable to the Company.
1006, 10TH FLOOR, V1KRANT TOWER, RAJINDRA PLACE, NEW DELHI-110008 PHONE : OFF . : 011-25735612,25811989 FAX : 011-25754596 E-MAIL : [email protected]
Independent Auditor's Limited Review Report on Standalone Unaudited Financial Results of IFCI Limited for the Quarter ended 30th June, 2024 pursuant to the Regulation 33 & Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended
To, The Board of Directors IFCI Limited New Delhi
-
- We have reviewed the accompanying statement of Standalone Unaudited Financial Results of IFCI Limited ("The Company") for the Quarter ended 30th June, 2024 ("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").
-
- 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 ("END 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.
-
- 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 ("ICAI"). 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.
-
- 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 Results, 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 generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and 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
- We draw attention to Note No. 4 of the financial results regarding change in accounting policy towards recognition of interest income on stage 3 assets.
-
- The company has informed us vide letter dated 01.11.2022 received from nodal ministry that case specific data for SDF (Sugar Development Fund) Scheme may not be shared with auditors. Accordingly, same is not reviewed by us.
-
- The company has informed us that as per communication received from nodal ministry towards PLI (Production Linked Incentive) schemes, files and documents shall not be made available to the auditors, hence we have not reviewed the same.
-
- In a certain case, it was observed that one party has appointed the company as its advisor/consultant for assisting and preparation of their proposal under SDF (Sugar Development Fund) scheme of Government of India (GOO. However, company is also acting as nodal agency/agent of government for independently carrying out various due diligence procedures on application received by nodal ministry under SDF Scheme. Notwithstanding express approval from GUI, the action of assisting/coaching an applicant into preparation of documents/project reports on commercial terms, and simultaneously conducting due diligence on behalf of GOT, severely undermines the creditability of the proposals appraised by the company, and comprises the independent position of the company.
-
- 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 of the subsidiaries for the period ended 31st March, 2024 instead of 30th June, 2024.
-
- We draw attention to Note No.9 where the Capital Risk Adequacy Ratio (CRAR) stands at (-) 51.21% as on 30.06,2024, below the RBI stipulated guidelines vide circular dated 31st May 2018 (RBI/2017-18/181DNBR (PD) CC. No. 092/03.10.001/2017-18).
-
- We draw attention to Note No. 3 where the provisioning required under RBI Prudential (IRACP) Norms (including standard assets provisioning) is higher than impairment allowance under Ind AS 109 by Rs.203.54 crore. As per management estimate, the difference is temporary and will be subsumed by the year end i.e. by March 31, 2025. Therefore, the company has not transferred the said amount to impairment reserve on June 30, 2024, as required by RBI notification no "DOR (NBFC) CC. PD. No109/22.10.106/2019-20 dated March 13, 2020. However, impairment allowance (Provision on NPA's) higher of RBI norms vs ECL has been charged to the profit and loss for Rs.98.87 crores during the period ended June 30, 2024. Further, existing impairment reserve of Rs.104.67 crores created till March 31, 2024 has not been reversed. ECL on Loan Assets is computed on portfolio basis. LGD percentage as on 30th June 2024 is 67.12%.
Our opinion is not modified in respect of these matters.
For S MANN AND COMPANY
Chartered Accountants Firm Registration No: 000075N
CA SUBHASH CHANDER MANN
Partner Membership No. 080500 UDIN: 24080500BKFBJH5302 Place: New Delhi Date: 08th August, 2024
1006, 10TH FLOOR, VIKRANT TOWER, RAJ1NDRA PLACE, NEW DELHI-110008 PHONE : OFF . : 011-25735612,25811989 FAX : 011-25754596 E-MAIL : s.mann [email protected]
Independent Auditor's Limited Review Report on Consolidated Unaudited Financial Results of IFC1 Limited for the Quarter ended 30th June, 2024, pursuant to the Regulation 33 & Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended
To, The Board of Directors IFCI Limited New Delhi
-
- We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of IFCI Limited ("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 ended 30th June, 2024 ("The Statement") attached herewith, being submitted by the Parent 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").
-
- 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 ("Ind 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 consolidated financial statements based on our review.
- We conducted our review of the Statement 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 ("ICAI"). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters and applying analytical other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 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.
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. No. | Name of the Entity | Relationship |
|---|---|---|
| 1. | IFCI Limited | Parent Company |
| 2. | IFCI Financial Services Limited (IFIN) | Subsidiary |
| 3. | IFCI Venture Capital Funds Limited (IVCF) | Subsidiary |
| 4. | IFCI Infrastructure Development Ltd. (IIDL) | Subsidiary |
| 5. | IFCI Factors Limited (IFL) | Subsidiary |
| 6. | MPCON Limited | Subsidiary |
| 7. | Stock Holding Corporation of India Limited | Subsidiary |
- The consolidated financial results include the results of the following entities:
Step-down
Subsidiary
Step-down
Subsidiary
Step-down
Subsidiary
-
IFIN Commodities Limited (indirect control
-
IFIN Credit Limited (indirect control through
-
IFIN Securities Finance Limited (indirect control
through (IFIN)
through (IFIN)
(IFIN)
| 11. | IIDL Realtors Private Limited (indirect control |
Step-down |
|---|---|---|
| through (IIDL) | Subsidiary | |
| 12. | SHCIL Services Limited (indirect control through | Step-down |
| (SHCIL) | Subsidiary | |
| 13. | Stockholding Document Management Services |
Step-down |
| Limited (indirect control through (SHCIL) | Subsidiary | |
| 14. | (indirect Stockholding Securities Limited IFSC |
Step-down |
| control through (SHCIL) | Subsidiary |
-
- Based on our review conducted and procedures performed stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Financial Results, prepared in accordance with the applicable Indian Accounting Standards as specified under Section 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 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.
-
- We did not review the unaudited financial results of six subsidiaries and seven step-down subsidiaries included in the consolidated unaudited financial results, whose financial results reflect total income of Rs. 285.81 Crores, total net profit/(loss) after tax of Rs. 60.28 Crores and total comprehensive income (net of tax) of Rs. 500.21 Crores for the quarter ended 30.06.2024, 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.
Emphasis of Matter
-
- We draw attention to Note No. 4 of the financial results regarding change in accounting policy towards recognition of interest income on stage 3 assets.
-
- The company has informed us vide letter dated 01.11.2022 received from nodal ministry that case specific data for SDF (Sugar Development Fund) Scheme may not be shared with auditors. Accordingly, same is not reviewed by us.
-
- The company has informed us that as per communication received from nodal ministry towards PLI (Production Linked Incentive) schemes, files and documents shall not be made available to the auditors, hence we have not reviewed the same.
-
- In a certain case, it was observed that one party has appointed the company as it's advisor/consultant for assisting and preparation of their proposal under SDF (Sugar Development Fund) scheme of Government of India (GUI). However, company is also acting as nodal agency/agent of government for independently carrying out various due diligence procedures on application received by nodal ministry under SDF Scheme. Notwithstanding express approval from GOT, the action of assisting/coaching an applicant into preparation of documents/project reports on commercial terms, and simultaneously conducting due diligence on behalf of GUI, severely undermines the creditability of the proposals appraised by the company, and comprises the independent position of the company.
-
S. We draw attention to Note No. 7 of the Financial Results in the matter of Stock Holding Corporation of India Limited where certain litigation is sub-judice before Honorable Supreme Court since May 2015. 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.
-
- We draw attention to Note No.9 where the Capital Risk Adequacy Ratio (CRAR) stands at (-) 51.21% as on 30.06.2024, below the RBI stipulated guidelines vide circular dated 31st May 2018 (RBI/2017-18/181DNBR (PI)] CC. No. 092/03.10.001/2017-18).
-
- Refer to Note No. 10 of financial results, pertaining to audit observations of subsidiary companies, which are considered non-material at group level.
-
- We draw attention to Note No. 3 where the provisioning required under RBI Prudential (IRACP) Norms (including standard assets provisioning) is higher than impairment allowance under Ind AS 109 by Rs.203.54 crore. As per management estimate, the difference is temporary and will be subsumed by the year end i.e. by March 31, 2025. Therefore, the company has not transferred the said amount to impairment reserve on June 30, 2024, as required by RBI notification no "DOR (NBFC) CC. PD. No109/22.10.106/2019- 20 dated March 13, 2020. However, impairment allowance (Provision on NPA.\$) higher of RBI norms vs ECL has been charged to the profit and loss for Rs.98.87 crores during the period ended June 30, 2024. Further, existing impairment reserve of Rs.104.67 crores created till March 31, 2024 has not been reversed. ECL on Loan Assets is computed on portfolio basis. LGD percentage as on 30th June 2024 is 67.12%.
Our opinion is not modified in respect of these matters.
For S MANN AND COMPANY
Chartered Accountants
Firm Registration No: 000075N
CA SUBHASH CHANDER MANN Partner Membership No. 080500 UDIN: 24080500BKFBJ15202 Place: New Delhi Date: 08th August, 2024
