Power Finance Corp quarterly net soars 37%

Power Finance Corporation’s  on Tuesday reported a 37 per cent rise in its net profit to Rs 1,534 crore  in the third quarter ended 31 December, consistent with its higher volume of operations. It had reported a net of Rs 1,117 crore in the corresponding quarter of the previous year. Income from operations' for the quarter increased by 24 per cent to Rs.5,539 crore from Rs.4,465 crore in the corresponding quarter of the previous year. 'Earnings per share' (annualised) for the current quarter rose by 37 per cent to Rs 46.49 from Rs 33.85 in the same period of the previous year. The total business of the corporation has crossed Rs 3.0 lakh crore (i.e. loan assets and borrowings)

PFC declared an all-time high interim dividend of Rs 8.80 per share (face value of Rs.10/- each) for the year 2013-14. The loan sanctions (excluding sanctions under R-APDRP scheme) for the current quarter increased by 36 per cent to Rs 24,629 crore from Rs 18,144 crore. The major projects sanctioned during the quarter includes; Rs 4,555 crore to 800MW TPS of A.P. Power Generation Corp. Ltd at Bhoopalpally in AP, Rs 3,746 crore to 660 MW TPS (Ext) of A. P. Power Generation Corp. Ltd. at Ramagundam  in AP, Rs 2,843 crore transitional loan to Tamil Nadu Generation and Distribution Corporation Ltd, and Rs.1,538 crore transitional loan to U.P  Power Corporation  Ltd.