IRFC shares surge nearly 4% on strong Q4 results

Indian Railway Finance Corporation Ltd (IRFC) share price witnessed a surge of 3.5% in morning trades on Tuesday, following the company’s robust financial performance for the fourth quarter and full-year of FY2023-24, which was declared on Monday, May 20, 2024.

In addition to the strong results, the company approved a final dividend of 70 paise per share for the FY 2023-24. This is on top of the interim dividend of Rs 0.80 per equity share declared on November 2, 2023, bringing the total dividend for the financial year 2023-24 to Rs 1.50 per share, with a face value of Rs 10 each.

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The state-owned company stated in a BSE filing, “The Final Dividend for the financial year 2023-24 of 0.70 per share, if declared at the ensuing AGM, will be paid to the shareholders within 30 days from the date of the AGM.”

IRFC reported a remarkable 34% rise in its profit to Rs 1,717.3 crore for the March 2024 quarter, driven by higher income. This is a significant increase from the Rs 1,285.2 crore profit clocked during the fourth quarter of the previous fiscal year.

The company’s total income also witnessed a substantial growth, rising to Rs 6,477.9 crore in the January-March quarter, compared to Rs 6,230.2 crore in FY23.

Reflecting the positive sentiment, IRFC shares were trading 3.55% higher at ₹179.40 on the National Stock Exchange (NSE) during the morning session.