ECGC’s net profit up 53% to Rs 276 cr

Mumbai:  Net profit of ECGC rose by 53% to Rs 276 crore in the fiscal ended March 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 said. “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, ECGC’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.