Power Finance Corporation recorded healthy jump in its net profit
Power Finance Corporation (PFC), the state-owned financing arm of the power sector has recorded a 28 per cent increase in its net profit for June-end quarter of the current fiscal which stood at Rs 4,554 crore, owing to jump in revenues.
The company had recorded a net profit of Rs 3,557.23 crore in the same period of the corresponding year, i.e. the April-June quarter of 2020-21.
PFC's total income in April-June quarter of 2021-22 went up to Rs 18,973.93 crore from Rs 16,932.24 crore in the same period a year ago.
The company's board also cleared an interim dividend at the rate of Rs 2.25 per equity share on the face value of the paid-up equity shares of Rs 10 each for 2021-22, an official statement said.
The capital adequacy ratio of the company was 21.16 per cent as on June 30, 2021. The capital adequacy is at a comfortable level with sufficient cushion over and above the prescribed regulatory limits, it stated further.
"The revamped distribution sector scheme with an outlay of Rs 3,03,758 crore provides significant business opportunity to the company going forward," it informed.
PFC Chairman and Managing Director R S Dhillon said in a statement, "we have registered 34 per cent increase in our profits, and our performance this quarter once again showcases the inherent strength of PFC's strong business. I am also particularly pleased that with our consistence performance, we have been able to provide dividend return to our shareholders in the first quarter itself."