Chennai: The Infrastructure Development Finance Company Limited (IDFC) has closed its 2003-04 accounts with a total income of Rs.637.08 crore and a net profit of Rs.259.15 crore as against Rs.458.87 crore and Rs.179.95 crore logged during 2002-03. The company has declared a dividend of 10 per cent for the year 2003-04.

As at 31st March 2004, IDFC''s networth stands at Rs.1,699.13 crore.

Even though its performance came under scrutiny and the major shareholder (central government) expressing dissatisfaction about the performance IDFC has acquitted itself well by disbursing Rs.2,704 crore for 59 projects during the period under review. The approvals were at Rs.5,727 crore for 81 projects.

On a cumulative basis as on March 31, 2004, IDFC''s gross approvals were Rs.18,187 crore for 156 projects and gross disbursals were Rs.6,878 crore for 87 projects. The approvals net of cancellations were Rs.11,456 crore and the outstanding disbursements were Rs.5,161 crore.

During the period under review, IDFC had raised Rs.3,575 crore from the market and the outstanding resourced at the end of last fiscal stood at Rs.3,325 crore.

At its meeting on April 20, 2004, IDFC''s board also accepted the resignation of managing director Nasser Munjee. (See )

A look at the `Management Team'' page of IDFC website perhaps depicts the void that is created by Munjee''s resignation. Till yesterday Munjee''s name was there in the blank spot.