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Power Finance Corporation posts 18 pc rise in Q4

Published 15-05-2024, 07:25 pm
© Reuters.  Power Finance Corporation posts 18 pc rise in Q4
PWFC
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New Delhi, May 15 (IANS) Government-owned Power Finance (NS:PWFC) Corporation (PFC) on Wednesday reported an 18.4 per cent increase in net profit at Rs 4,135 crore for the Jan-March quarter of 2023-24 compared to the same period of the previous financial year.

PFC’s revenue went up by 20 per cent to Rs 12,243.7 crore during the quarter, the company stated in a regulatory filing.

The financial major declared a final dividend of Rs 2.50 a share for FY24, which comes on top of the interim dividends of Rs 11 that have been paid earlier during the year.

PFC also recorded an improvement in its asset quality during the fourth quarter with net non-performing assets (NPAs) declining to 0.85 per cent of total loans from 0.9 per cent in the Oct-Dec quarter and gross NPAs coming down to 3.34 per cent from 3.52 per cent.

The PFC management has also promoted Executive Director Sandeep Kumar as the Chief Financial Officer of the company with immediate effect.

--IANS

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