ECGC's net profit up by 53% to Rs 276 cr in FY16

MUMBAI: Net profit of ECGC rose by 53 per cent to Rs 276 crore in the fiscal ended March 31, from Rs 180 crore in the previous fiscal driven by robust investment income and better recoveries.

ECGC is a state-owned export promotion and MSME-focused organisation.

"Our investment income rose to Rs 633 crore in 2015-16 from Rs 544 crore in 2014-15 and we recovered Rs 106 crore during the reporting period," ECGC Chairman-cum-Managing Director Geetha Muralidhar told reporters here today.

"It was despite the fact that our premium income fell marginally in 2015-16 at Rs 1,321 crore from Rs 1,362 crore in 2014-15, whereas the gross claim payment almost doubled to Rs 1,122 crore in 2015-16 from Rs 590 crore in the previous fiscal," she said.

As of now, the corporation's paid-up capital stands at Rs 1,300 crore, whereas the authorised capital is at 5,000 crore and net worth is at Rs 3,279 crore.

Similarly, ECGC has built-up cumulative provision aggregating to Rs 4,384 crore and its total assets under management (AUMs) is at over Rs 7,100 crore.