IFCI posts Q4 loss of Rs101 cr on NPA

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Infrastructure term lender IFCI ltd on Saturday reported a loss of Rs101 crore for the 3-month period to March due to higher provisioning for bad loans as four assets turned non-performing. It had registered a net profit of Rs120 crore in the corresponding January-March period of preceding fiscal ended March 2015. “This has happened primarily because of one particular large account in the power sector. As per RBI norm, we had to provide additional amount including the interest reversal. So if you look at the fourth quarter, that one account has taken hit of Rs188 crore,” CEO and MD Malay Mukherjee told reporters at the press meet.  

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