IFCI Q3 net loss widens to Rs 1.77 billion on higher bad loan provisioning
Infrastructure lender IFCI Ltd's net loss ballooned to Rs 177 crore in the December quarter of the current fiscal as bad loans shot up, requiring higher provisioning. The company's net loss in the October-December period of last fiscal, 2016-17, was about a fourth at Rs 45.17 crore. As slippages increased, the provisioning against bad and doubtful assets as well as write offs nearly trebled to Rs 411.49 crore during the third quarter of 2017-18, up from Rs 139.87 crore a year ago. IFCI MD and CEO Emandi Sankara Rao said: "Efforts are being made for recovery from stressed assets and non- performing assets (NPAs). "Divestment from strategic and project investments is likely to yield results in the near future. The entire financial sector is under stress due to the burden of NPA, significantly in the infrastructure and iron & steel sectors." He told reporters that IFCI is no exception to this and large amount of slippage in standard assets to non-standard assets in...05-02-2018