India Infrastructure Finance Company Limited (IIFCL) expects its net non-performing assets (NPA) ratio to fall below 2.5 per cent by the end of March 2023, with the help of aggressive recovery and resolution matters being undertaken by the state-owned entity. The company closed last fiscal with a net NPA of 3.65 per cent and we expect this to come down to below 2.5 per cent by the end of the current financial year. IIFCL Managing Director PRO Jaishankar told PTI in an interview.

He said the net NPAs at the end of March 2020 were close to double digits at 9.75 per cent, while the gross NPAs stood at 19.70 per cent.

He said that the aggressive recovery and resolution strategy adopted by IIFCL helped bring down the NPAs significantly in a short span of time.

With regard to gross NPAs, he said, the company expects it to come down to around 8 per cent by the end of March 2023.

The percentage of properties rated ‘A’ and above increased from 35-40 per cent (March 2020) to around 65 per cent (March 2022).

With the improvement in various parameters, Jaishankar said the institute has transformed itself from a last mile lender to a preferred financier.

He said that IIFCL is focusing on funding greenfield projects of national importance.

Such projects include Yamuna International Airport Pvt Ltd (Jewel Airport), Navi Mumbai International AirportMopa Airport in Goa, SJVN Green Energy Limited And PNC Meerut Haridwar Highway Private Limited So far, the state-owned infra financing firm has sanctioned around 650 projects with a total outlay of Rs 11.5 lakh crore and 500 of them are public-private partnership projects. Jaishankar further said that it has started providing financial assistance infrastructure investment trusts 4,400 crore has been sanctioned for such entities in FY22 and so far. IIFCL invested Rs 975 crore in project bonds including bonds worth about Rs 324 crore in renewable energy InvITs during 2021-22.