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PFC powers Q2 profit by 11% to Rs 1,409 crore

PFC powers Q2 profit by 11% to Rs 1,409 crore
State-run lender Power Finance Corporation on Friday reported nearly 11 per cent jump in net profit at Rs 1,408.58 crore for the quarter ended 30 September, 2014, on account of increase in income from operations.

The net profit during the same period last financial year stood at Rs 1,273.79 crore, PFC said in a filing to stock exchanges.

Income from operations rose to Rs 6,304.70 crore during the period from Rs 5,333.54 crore in the corresponding quarter last fiscal.

The company sanctioned major loans to the tune Rs 12,294 crore during the period. Its loan assets at the end of April-September period this fiscal increased to Rs 1,99,229 crore, from Rs 1,72,081 crore in the corresponding period last fiscal.

The company's NPA (non-performing asset) as on 30 September, 2014, as a percentage of loan assets stood at 0.77 per cent.

PFC is engaged in funding of various power projects in generation, transmission, and distribution sectors.

The public sector firm is looking for consultants for monitoring the ongoing electricity generation and transmission stations and for facilitating the removal of bottlenecks in project completion.
Shares of the company closed at Rs 281.75, up 1.70 per cent on the BSE.


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