I R F C Q2 FY25 results (Jul–Sep 2024) and concall

IRFC's Q2 FY25 marked the transition under new CMD Manoj Kumar Dubey, an IRAS officer who previously headed Railway Board's infra finance wing. Despite zero new disbursements for 6 quarters, the company maintained steady top and bottom lines through moratorium interest capitalization on project assets (~Rs 25,000 crores annually). The new leadership outlined a diversification vision to fund railway ecosystem and broader infrastructure, while maintaining ultra-low cost operations and zero NPA. First external deal with NTPC for Rs 700 crore wagon leasing executed.