Questions across 3 calls

Naman Kumar

Firm not listed in source transcripts

Indian Railway Finance Corporation Limited

Indian Railway Finance Corporation Limited CC-Jul25.pdf · 2025-07-23

My first question is with respect to the projected sanction of INR60,000 crores. So how much of that would be approximately on the leasing model and how much will be on the t erm loan model kind of a thing b ecause right now, most of our assets are under leasing model. So just want to understand in the future?

Okay. Got it. And my another question is with respect to the leasing model. So I understand that IRFC follows the primary lease period of 15 years and secondary of another 15 years, but most of the money is recovered from the Indian railways within 15 years. So initially I think in the beginning, there was no problem. But right now, because of too much investments on infra relating to railways, it is relating to railways. It is putting a strain on Indian Railways finances like paying within 15 years because most of the operations of Indian Railways are kind of on breakeven situation. They don't have extra money to pay. By any chance, is there any discussion or is there any thought process going behind t he new projects assets which -- for which lease agreement will be signed to extend that primary lease period from, say, 15 years to 25 years, so that it doesn't put a strain on the finances of Indian Railways?

Indian Railway Finance Corporation Limited CC-Dec24.pdf · 2025-01-21

Hello, Good Morning. Thanks for giving me opportunity. Sir, my question is more with respect to debt-to-equity ratio, so. What I understand from the earlier calls is that the debt-to-equity ratio of 10 is the self-imposed limit. There is no statutory or regulatory requirement to maintain debt to equity ratio for IRFC to be 10 or something like that because as you know, as you already mentioned, CRAR is very high. So, is there any concrete policy which IRFC has already taken that if needed the debt-to-equity ratio can be breached above 10? Or will it be time dependent as and when the opportunity comes, the decision will be taken?

Ok, Ok, That’s all from my side.

Indian Railway Finance Corporation Limited CC-Sep24.pdf · 2024-11-05

The first question is with regard to project assets. I understand 5 years is moratorium period. But after that once the lease gets signed like what is the duration of primary lease period? Is it same as rolling stock which is 15 years or is it more than that?

And my second question is with respect to no targets being given to IRFC—I know we have discussed a bit on this with prior questions as well—but if you can give some clarity like why is the case? Because historically I've gone through previous year’s annual report like 10 -15-20 years. I have never seen that Ministry of R ailways has not given any target to IRFC. So, there must be something which is happening to which might be you guys may be privy to. So , if you can let us know that will be very helpful for the investors to understand what is going on ? Because I read one CAG report wherein there is a question or there is an issue where Ministry of Railways is paying substantial chunk of its collection to IRFC in the form of principal payment and interest payment on leases. So , if you guys have any privy to what is the rationale for the last six quarters or for the last 2 years and the Ministry of Railways has not given any funding to IRFC that will be very helpful?