New Delhi, India – January 29, 2025
Tourism Finance Corporation of India Limited (TFCI) has announced its financial results for the third quarter (Q3) and nine months (9M) ended December 31, 2024, highlighting steady revenue growth, improved profitability, and a robust loan portfolio.Financial Highlights (Standalone Results)
Nine-Month Performance (9M FY 2024-25 vs 9M FY 2023-24)
- Total Income: ₹190.61 crore, compared to ₹242.04 crore in 9M FY24.
- Net Interest Income (NII): ₹74.54 crore, slightly up from ₹72.33 crore last year.
- Profit Before Tax (PBT): ₹91.71 crore, up from ₹89.21 crore in 9M FY24.
- Profit After Tax (PAT): ₹73.61 crore, a 4.1% increase YoY from ₹70.71 crore.
- Earnings Per Share (EPS): ₹7.95, compared to ₹10.08 last year.
Quarterly Performance (Q3 FY 2024-25 vs Q3 FY 2023-24)
- Total Income: ₹38.03 crore, compared to ₹41.75 crore in Q3 FY24.
- Net Interest Income (NII): ₹22.01 crore, down from ₹27.51 crore last year.
- Profit Before Tax (PBT): ₹27.53 crore, down from ₹36.09 crore.
- Net Profit: ₹22.63 crore, compared to ₹27.59 crore in Q3 FY24.
Key Operational Metrics & Growth Trends
- Gross Loan Book: ₹1,676.55 crore, reflecting steady lending activity.
- Net Worth: ₹1,176.46 crore, up from ₹1,074.85 crore in FY24.
- Capital Adequacy Ratio (CAR): 59.94%, significantly above the regulatory requirements.
- Gross NPLs: ₹94.11 crore (5.61% of total loans). However, post-sale of ₹28.72 crore in NPA assets, Gross NPLs are expected to improve to 3.82%.
- Net NPLs: ₹65.69 crore (3.92% of total loans), expected to improve to 2.25% post-NPA sale.
Key Business Areas & Sector Focus
TFCI remains a leading financier for the tourism and hospitality sector, while also diversifying into new segments:1. Hospitality & Tourism Sector
- Hotel & Resort Financing – Loans for new projects, expansion, renovation, and acquisition.
- Special Situation Financing – Supporting turnaround cases in tourism.
- Debt Syndication & Advisory – Helping businesses optimize capital structure.
2. Non-Hospitality Sectors
- Real Estate & Construction Finance – Focus on affordable housing, lease rental discounting, and commercial projects.
- Social Infrastructure & Logistics – Loans for healthcare, education, logistics, and cold storage.
- NBFC & ARC Investments – Funding NBFCs, HFCs, and asset reconstruction companies (ARCs).
Financial Performance (Standalone P&L Summary for 9M FY25)
| Metric | Q3 FY25 (₹ crore) | Q3 FY24 (₹ crore) | 9M FY25 (₹ crore) | 9M FY24 (₹ crore) |
|---|---|---|---|---|
| Interest Income | 48.12 | 53.12 | 150.24 | 147.12 |
| Interest Expense | 26.11 | 25.61 | 75.70 | 74.78 |
| Net Interest Income (NII) | 22.01 | 27.51 | 74.54 | 72.33 |
| Other Income | 16.02 | 14.24 | 40.37 | 37.27 |
| Total Income | 38.03 | 41.75 | 114.91 | 109.60 |
| Operating Expenses | 6.50 | 5.66 | 18.20 | 16.40 |
| PBT | 27.53 | 36.09 | 91.71 | 89.21 |
| Tax Expense | 4.90 | 8.50 | 18.10 | 18.50 |
| Net Profit (PAT) | 22.63 | 27.59 | 73.61 | 70.71 |
Credit Ratings & Borrowings
TFCI has maintained strong credit ratings, reflecting its stable financial position:| Rating Agency | Instrument | Rating | Outlook |
|---|---|---|---|
| ACUITE | NCDs (₹359.74 Cr) | A+ | Stable |
| BRICKWORK | Bank Borrowings (₹950 Cr) | A+ | Stable |
| CARE | Bank Borrowings (₹175 Cr) | A | Stable |
| INFOMERICS | Short-Term Borrowing (₹100 Cr) | A1+ | Stable |
Balance Sheet (As of December 31, 2024)
| Metric | Dec 2024 (₹ crore) | Dec 2023 (₹ crore) | Mar 2024 (₹ crore) |
|---|---|---|---|
| Total Assets | 2,169.02 | 2,172.19 | 2,105.89 |
| Gross Loans & Advances | 1,675.64 | 1,439.08 | 1,588.92 |
| Total Borrowings | 978.59 | 1,101.54 | 1,013.92 |
| Equity Share Capital | 92.59 | 90.37 | 90.37 |
| Reserves & Surplus | 1,096.27 | 978.94 | 999.25 |
| Net Worth | 1,188.86 | 1,069.31 | 1,089.62 |
Market Outlook & Growth Strategy
TFCI is optimistic about future growth, driven by:✔ Expansion in hospitality financing with focus on commercially viable tourism projects.
✔ Growing real estate and infrastructure lending to affordable housing and logistics.
✔ Strengthening digital lending via fintech partnerships.
✔ Reducing NPLs through SARFAESI Act recoveries.
With a well-diversified loan book, strong capital adequacy, and improving profitability, TFCI is well-positioned for sustained growth in FY 2024-25.
Conclusion
Tourism Finance Corporation of India has delivered a resilient performance in Q3 & 9M FY 2024-25, backed by profit growth, disciplined credit management, and strategic sector focus.The company remains financially strong, with ample capital reserves and improving asset quality, making it a key player in tourism and infrastructure financing.
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