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Photo: Hemant Mishra/Mint
Photo: Hemant Mishra/Mint

Power Finance Corp Q2 profit at Rs1,886.59 crore

PFC's net profit for the September quarter rose 0.7% at Rs1,886.59 crore

New Delhi: State-run Power Finance Corp.’s (PFC) standalone net profit rose by 0.7% at Rs1,886.59 crore in the quarter ended on 30 September 2017 compared to year ago.

The company’s standalone net profit for the quarter ended on 30 September 2016 was Rs1,873.42 crore, the company said in a BSE filing.

Apart from approving the financial results for second quarter the company’s board also approved payment of interim dividend at the rate of Rs6 per equity share on the face value of the paid-up equity shares of Rs10 each for 2017-18 in its meeting held.

The date of payment/dispatch of dividend shall be on or before 2 December 2017. The interim dividend payout will be Rs1,584.05 crore. According to the statement, total income of the company rose to Rs7,108.57 crore in the second quarter from Rs6,999.76 crore in the year-ago quarter.

The interest income of the company was Rs6,897.06 crore in the quarter, slightly up from Rs6,856.90 crore year ago. The company has made a provision of Rs1,089.86 crore for non-performing assets (NPAs or bad loans) in the quarter, which is higher than Rs313.36 crore year ago. The company’s gross NPAs as on 30 September 2017 stood at Rs21,504.44 crore, down from Rs30,718.61 crore on 30 March 2017.

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