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The Indian Railway Finance Corporation (IRFC), a dedicated financing arm of the Indian Railways, has declared a dividend of Rs. 110 crores for the financial year 2003-2004. A cheque to this effect was presented by the Managing Director Shri S. Balachandran to the Union Minister of Railways Shri Lalu Prasad here today. The Chairman, IRFC and Financial Commissioner, Indian Railways, Smt. Vijayalakshmi Viswanathan and Chairman Railway Board Shri R.K. Singh were present, among other senior officials, on the occasion.
This is the highest dividend paid by a railway public sector undertaking so far. With this, the cumulative return on an investment of Rs. 232 crores by the Indian Railways in IRFC works out to Rs. 742.5 crores.
IRFC posted a Profit After Tax of Rs. 378.85 crore for the financial year 2003-2004. The Company invests its borrowings mainly in the acquisition of moving infrastructure assets like locomotives, coaches and wagons. During 2003-2004, assets valued at Rs. 2706.46 crore were commissioned by the railways.
The Company has been rated “Excellent” for the seventh year in succession and for 2002-2003, it has received an award from the Prime Minister on September 4, 2004 for being one among the top ten PSUs in the country. It has ‘AAA’ ratings from CRISIL & ICRA and Sovereign Ratings from Moodys’ & S&P’s. The company is efficiently managed with a small overhead to turn over ratio of 0.113 per cent.
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