PFC powers quarterly net to robust `1,542 crore
State-run lender Power Finance Corporation on Wednesday reported its Q3 net profit at Rs 1,541.73 crore, almost flat as compared with the year-ago period.
The company had made a net profit of Rs 1,534.31 crore in the October-December quarter of 2013-14 fiscal, PFC said in a filing to the stock exchange. Total income from operations rose to Rs 6,434.65 crore in the third quarter of the current fiscal as against Rs 5,540.52 crore in a year ago.
However, PFC's other operating income fell sharply from Rs 199.66 crore to Rs 88 crore. In the nine-month period (April-December) PFC's profit after tax increased to Rs 4,399 crore as compared to Rs 4,006 crore in the same period last fiscal.
During the period, the company's total income increased to Rs 18,671 crore from Rs 15,901 crore. Net interest income (NII) during the April-December period of FY15 increased to Rs 7,327 crore from Rs 6,238 crore a year earlier. As on December 31, 2014, net NPAs as a percentage of loan assets stood at 0.75 per cent.
The company's capital adequacy ratio, as on December 31, 2014, stood at Rs 21.05 per cent. PFC is engaged in funding of various power projects in generation, transmission, and distribution sectors. The company's scrip was trading at Rs 282.70, down 0.65 per cent on the BSE.
Meanwhile, Power, Coal and New & Renewable Energy Minister Piyush Goyal said that India’s renewable energy sector is looking at attracting $200 billion investments as several domestic and international firms queue up to tap the potential of green power.