IFCI · price
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Awaiting price reaction for this filing.
IFCI Limited, a Government of India undertaking, submitted audited standalone and consolidated financial results for Q4 and FY ended March 31, 2025, along with an unmodified auditor's opinion from S. Mann & Co. Standalone profit after tax for FY25 rose sharply to Rs 272.54 crore from Rs 43.80 crore in FY24, while consolidated FY25 PAT grew about 45% to Rs 348.61 crore (from Rs 241.05 crore). The Government of India infused Rs 500 crore via preferential equity allotment in February 2025, and gross NPA marginally improved to 90.22% from 90.90%. However, IFCI's Capital to Risk Weighted Assets Ratio (CRAR) stands at a deeply negative -23.04%, well below RBI norms. The auditor flagged emphasis-of-matter notes on the proposed IFCI group consolidation, a change in expected credit loss methodology that raised provisions by Rs 290.86 crore, and concerns about operations under certain government schemes.
Profit growth and ongoing government capital support are positives, but the deeply negative CRAR and very high net credit-impaired asset ratio of 83.55% indicate IFCI remains under-capitalised and heavily exposed to asset quality issues. Investors should view this as a high-risk turnaround story, with the proposed group consolidation being the key event to watch.