Power Finance Corporation Q2 profit up nearly 9% to Rs 7,215 cr

New Delhi: State-owned Power Finance Corporation (PFC) on Friday posted a nearly 9 per cent rise in consolidated net profit at Rs 7,214.90 crore for the September quarter mainly on the back of higher revenues.

The company logged a profit of Rs 6,628.17 crore in the same period of FY24, according to a BSE filing. Total income rose to Rs 25,754.73 crore from Rs 22,387.32 crore a year ago.

The company logged a 14 per cent rise in consolidated Profit After Tax in April-September FY25, to Rs 14,397 crore from Rs 12,610 crore a year ago.

Consolidated net worth (including non-controlling interest) increased by 17 per cent from Rs 1,23,703 crore as of September 30, 2023, to Rs 1,45,158 crore as of September this year.

There was 13 per per cent growth in the consolidated loan asset book, from Rs 9,23,724 crore as on September 30, 2023, to Rs 10,39,472 crore at September-end this year.

Owing to concentrated resolution efforts, consolidated Net NPA (bad loans) reached its lowest level at 0.80 per cent in H1 FY25 vis-à-vis 0.98 per cent in H1 FY24, it stated.

Gross NPA (bad loans) also declined significantly by 78 basis points from 3.40 per cent in H1 FY24 to 2.62 per cent in H1 FY25.

Director (Finance), Sandeep Kumar said that PFC successfully reduced net NPA levels below 1 per cent, reaching a level of 0.72 per cent.

Chairman and Managing Director Parminder Chopra said PFC has once again delivered a remarkable quarter, marked by strong disbursements of Rs 46,663 crore.

"Our board has declared an interim dividend (second for fiscal FY25) of Rs 3.50 per share. Our subsidiary, PFC Infra Finance IFSC Ltd based in IFSC GIFT City Gujarat, commenced foreign currency lending operations in October 2024. This makes it the first company to commence power and infra lending business in IFSC," she said.

November 25, 2024, shall be the record date for ascertaining the eligibility of shareholders for payment of the second interim dividend.

The date of payment /dispatch of the interim dividend shall be on or before December 8, 2024.