Power Finance Corp Net Rises 2.6% to Rs 1,582 Crore in Q3

Power Finance Corp Net Rises 2.6% to Rs 1,582 Crore in Q3
New Delhi: State-run Power Finance Corporation (PFC) on Tuesday reported a marginal 2.6 per cent rise in standalone net profit at Rs 1,582.32 crore for the quarter ended December on the back of higher income.

The company had reported a net profit of Rs 1,541.73 crore in the year-ago period, it said in a BSE filing.

The total income from operations increased to Rs 6,991.18 crore, compared to Rs 6,374.52 crore in the year-ago period.

The interest income increased by 9.3 per cent to Rs 6,870.58 crore against Rs 6,284.26 crore in the corresponding quarter of the previous fiscal.

The loan assets at the end of April-December increased by 13 per cent to Rs 2,28,950 crore from Rs 2,03,477 crore in the corresponding period last fiscal.

PFC is an infrastructure finance company which is engaged in providing financial assistance to state power utilities for meeting the financial and development requirements of the power sector. It is the nodal agency for implementation of ultra-mega power projects (UMPPs).

It also said that "during the current, quarter Jharkhand Infra Power Ltd, a wholly-owned subsidiary company has been incorporated for developing ultra mega power project in Jharkhand.

The equity infusion in the subsidiary company is yet to be made, it added.

In a separate filing to the BSE, the company said, "The board of directors of the company at its meeting held on February 9, 2016, inter alia, have declared and approved the payment of second interim dividend at Rs 4.5 per equity share on the face value of the paid-up equity shares of Rs 10 each for FY 2015-16."

The date of payment of dividend would be February 24, 2016, it added.

The shares of the company closed 4.52 per cent down, at Rs 172.30 apiece on the BSE.