I R F C Q3 FY25 results (Oct–Dec 2024) and concall

IRFC's Q3 FY25 marked a pivotal quarter as the company won its first competitive bid outside Indian Railways, beating all banks and NBFCs for a coal mining project. Management laid out the IRFC 2.0 diversification strategy, targeting the broader railway ecosystem including coal mining, ports, renewable energy with forward/backward railway linkages. The key thesis: Rs 10,000 crores outside IR equals Rs 30,000-40,000 crores of IR business in margin terms. AUM stability ensured till FY28 through moratorium interest capitalization.