Tuesday, March 5, 2024
Tuesday, March 5, 2024
HomeBusinessPower Finance Corporation's Q3 net profit rises 20% to Rs 6,294 crore

Power Finance Corporation’s Q3 net profit rises 20% to Rs 6,294 crore

New Delhi: State-owned Power Finance Corporation on Thursday said it posted an over 20 per cent rise in its consolidated net profit to Rs 6,294.44 crore in the December quarter, thanks to higher revenue.

The company’s consolidated net profit was Rs 5,241.10 crore for the quarter ended December 31, 2022, according to a BSE filing.

Total revenue in the quarter rose to Rs 23,593.40 crore from Rs 19,662.65 crore in the year-ago period.

The board, in its meeting on Thursday, approved the declaration of a second interim dividend at the rate of 35 per cent of Rs 3.50 per share, subject to deduction of TDS, on the paid-up face value of shares of 10 rupees each for fiscal year 2023-24.

The interim dividend payment/dispatch date will be on or before March 9, 2024, depending on the filing.

In a separate statement, the company said it recorded a 19 per cent increase in consolidated credit asset portfolio from Rs 8,04,526 crore as on December 31, 2022 to Rs 9,54,483 crore as on December 31, 2023.

Due to concentrated resolution efforts, consolidated net arrears (bad loans) reached its lowest level – 0.86 per cent during April-December 2023, from 1.15 per cent in the same period a year ago.

Gross NPLs also decreased significantly by 78 basis points, from 3.91 percent in the nine-month period of the last fiscal year to 3.13 percent in April-December 2023. PFC Group is the nodal agency for the implementation of the Late Payment Fee Rules.

With the implementation of these rules, there was a reduction of more than 60 percent in the legacy dues that Discoms had to pay to Generation companies. Under this framework, the PFC group has cumulatively disbursed Rs 74,073 crore till date.

“We have achieved a 26 per cent year-on-year increase in post-tax profit for 9M’24, along with an impressive double-digit loan growth of 16 per cent,” said Parminder Chopra, Chairman and Managing Director with an additional charge of Director (Finance), in the statement.

With RBI approval received last month, the company will venture into IFSC GIFT City by establishing its wholly-owned subsidiary, Chopra said.

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