Strong recovery of bad debts fuelled Industrial Finance Corporation of India’s (IFCI) net profit by 146 per cent to Rs 318.94 crore in the third quarter ended December 31, 2007, as compared with Rs 129.37 crore in the corresponding quarter last financial year.
During the quarter, total income rose 57.5 per cent to Rs 578.9 crore as against Rs 367.54 crore in the FY07 quarter, according to the release issued by the company.
“Restructuring of debt and speedy (bad) asset resolution were the main factors for the splendid result in the third quarter,” a senior IFCI official said.
IFCI was recently in the spotlight after a failed attempt to induct a strategic investor in the company. It had planned to offer 26 per cent to a Sterlite Industries-led consortium, but the deal fell through as the bidder sought management control.
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