IRFC IPO Review: Price band, asset quality, valuation, ownership, growth, sources to funding to business model - know Key Investment Rationale by IDBI Capital
IRFC IPO review: IRFC (registered as NBFC) is wholly owned by GOI (Government of India) and administered through the Ministry of Railways (MoR). IRFC is a market borrowing arm of Indian Railways and is primarily in the business of leasing operation and financing of project assets. In FY20, AUM of IRFC grew by 32.4% YoY and disbursement by 35.9% YoY.
IRFC saw a strong growth during FY20, NII grew at 16.2% vs 9.2% in FY19, PPoP by 14.8% vs 9.9% in FY19, PAT saw a strong growth of 49.2% vs 6.9% in FY19 as it is not required to pay MAT tax: Reuters