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Business News/ Companies / Company Results/  Power Finance Corporation Q2 results: Net profit up 27% to 6,628 crore
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Power Finance Corporation Q2 results: Net profit up 27% to ₹6,628 crore

Power Finance Corporation (PFC) Wednesday posted a nearly 27% rise in its consolidated net profit to ₹6,628.17 crore in the July-September quarter compared to a year ago

Total income of Power Finance Corporation rose to ₹22,403.69 crore in the quarter from ₹19,344.39 crore in the same period a year ago (Photo: Reuters)Premium
Total income of Power Finance Corporation rose to 22,403.69 crore in the quarter from 19,344.39 crore in the same period a year ago (Photo: Reuters)

State-owned Power Finance Corporation (PFC) on Wednesday posted a nearly 27% rise in its consolidated net profit to 6,628.17 crore in the July-September quarter compared to a year ago.

The consolidated net profit of the company was 5,229.33 crore in the quarter ended on September 30, 2022, a BSE filing showed.

Total income rose to 22,403.69 crore in the quarter from 19,344.39 crore in the same period a year ago.

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PFC Chairman and Managing Director Parminder Chopra said, "We have delivered another successful quarter for FY 2024 with a 28 per cent increase in profit vis-à-vis Q2’23, reflecting our inherent strengths.

"In this quarter, our Board has declared an interim dividend of 4.50 per share," she stated.

Till 30th September 2023, the PFC has sanctioned 70,499 crore and disbursed 31,508 crore under Late Payment Surcharge Scheme.

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Consolidated Loan Asset Book crossed 9 lakh crore mark and stood at 9,23,724 crore as of September 30, 2023, versus 7,71,119 crores as of September 30, 2022, registering an increase of 20 per cent.

Owing to continuous and active resolution efforts, consolidated net NPA (bad loans) reached below 1 per cent and is at 0.98 per cent in April-September 2023 from 1.27 per cent in April-September 2022.

Gross NPA (bad loans) also declined significantly by 98 basis points from 4.38 per cent in H1’23 to 3.40 per cent in H1’24, it stated.

PFC Group is the nodal agency for implementation of Late Payment Surcharge Rules.

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With the implementation of these rules, there has been more than 50 per cent reduction in the legacy dues which were payable by discoms to the generation companies.

On a standalone basis, it recorded a 2.5 times jump in disbursements (of loans)- from 21,790 crore in H1’23 to 55,562 crore in H1’24.

A substantial uptick in disbursements is driven by lending on the distribution front and towards renewable energy projects, it explained.

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Published: 08 Nov 2023, 08:28 PM IST
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