Eyeing Rs200 cr loan to support future growth?
Amit Chettupuzha
KOCHI: The innovative idea of Infoparks, conceptualized about two decades ago in 2004, has now started yielding dividends.
The autonomous society promoted by the government of Kerala (GoK) has earned a net profit of Rs8.77 crore for the financial year 2022-23 improving upon its paltry profit of Rs22.71 lakh reported for FY22.
Infoparks has been established as a facility to foster the development of high-technology industries in Kochi and its vicinity. Infoparks currently operates four centres – Phase I and Phase II (together referred to as Hub locations) at Kochi, one each at Cherthala and Koratty (together referred to as Spoke locations).
The society closed the financial year 2020-21 (FY21) with a loss of Rs66.35 lakh despite having earned a net profit of Rs10.70 crore for the previous year.
According to a document, Infoparks has consistently maintained healthy cash balances, and they are expected to be around Rs141 crore as on March 31, 2024 – on account of funding infusion by GoK.
“Funding support from GoK should continue in the event of the announcement of any future projects as well,” the report noted. It also added that strong annual cash inflows of more than Rs30 crore are expected to be reported over the medium term.
Inforparks is said to be planning to raise around Rs200 crore in two tranches to support the future growth.
