Indian Railway Finance Corporation (IRFC) reported better earnings for the third quarter of fiscal 2021 with its net profit rising to Rs 1,046 crore from Rs 990 crore in the year-ago period.

The company’s overall asset under management (AUM) was at Rs 2.97 lakh crore and it expects it to grow to Rs 3.5 lakh crore in FY22.

Speaking to CNBC-TV18, Amitabh Banerjee, CMD of IRFC said, “The overall asset under management is of the order of Rs 2.97 trillion which has been growing at a compound annual growth rate (CAGR) of about 27 percent over the last three years and nine months. We expect AUM to cross Rs 3.5 trillion in FY22.”

The total capex outlay of railway has also grown substantially. IRFC is financing roughly about 47 percent of the total capex requirements in the current fiscal, Banerjee added.

“With the national railway plan which envisages a capex of outlay about Rs 10 lakh crore in this decade we expect to contribute a substantial portion of this capex outlay. Also, we expect to participate in rail vision plan also,” Banerjee said.

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(Edited by : Ankit Gohel)