IRFC shares touched a day high of Rs 80.20 on Thursday, the day the railway financier reported a 10.2% rise in its September-quarter profit.

Indian Railway Finance Corporation Limited, the borrowing arm of Indian Railways, said its board approved the results at a meeting on 15 October.

Net profit for the quarter ended 30 September came in at Rs 1,958.48 crore, up from Rs 1,776.98 crore a year earlier.

Sales grew faster. Revenue from operations rose 23.5% to Rs 7,866.41 crore from Rs 6,371.89 crore, and total income reached Rs 7,924.46 crore.

IRFC raises money in the market and lends it to the railways, so its biggest cost is the interest on its own borrowings. That cost climbed 30.2% to Rs 5,917.08 crore. Profit grew more slowly than sales.

Over the first half of the financial year, profit stood at Rs 3,885.69 crore against Rs 3,522.67 crore a year earlier, on revenue from operations of Rs 16,127.52 crore.

Earnings per share, the profit attributed to each share, came to Rs 1.50 against Rs 1.36. Shareholders get a payout too.

The board declared an interim dividend of Rs 1.15 per share. The record date is 23 October, the cut-off day for who qualifies, and IRFC will pay within 30 days of the declaration.

The board also cleared a policy for moving into the upper layer of rules for non-bank lenders.

IRFC has no subsidiary, associate or joint venture, so it does not need to file consolidated results.

The June quarter followed a similar pattern. Sources reports net profit of Rs 1,927.21 crore then, up 10.40% from Rs 1,745.69 crore a year before.

IRFC closed at Rs 78.90 on NSE on Thursday, down by 1.07% from Wednesday’s close of Rs 79.75. The stock opened at Rs 80.00 and touched a low of Rs 78.50.

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