IRFC July-September Profit Rises 10% Despite Fall in Revenue on Lower Lease Income

Indian Railway Finance Corp. Ltd. (IRFC) reported a double-digit rise in September quarter net profit from a year ago, as lower expenses offset a decline in revenue. The fall in the top line was driven by a steep drop in lease income, even as interest income surged.

Net profit rose 10.2% on year to ₹17.77 billion in July–September. Revenue fell 7.6% to ₹63.72 billion, weighed down by a 29% fall in lease income to ₹35.43 billion — its main source of revenue. However, interest income jumped 47% to ₹28.29 billion.

Total expenses dropped over 13% on year to around ₹46 billion, helped by a 13.2% fall in finance costs to ₹45.44 billion.

For April-September, net profit rose 10.5% on year to ₹35.23 billion on revenue of ₹132.90 billion. Assets under management stood at ₹4.6 trillion as of September 30, unchanged from a year ago. The company said it sanctioned and executed business agreements worth ₹453.82 billion during the period. Its net interest margin stood at nearly 1.6% as of September 30.

The board declared its highest-ever interim dividend of ₹1.05 per share and set October 24 as the record date to determine eligible shareholders