Excelsior Correspondent
NEW DELHI, Aug 13: Power Finance Corporation (PFC) has reported a Rs 3,557 crore profit after tax for the first quarter of the financial year 2020-2021.
This is a 23 per cent increase from the Rs 2,900-crore bottom-line reported by the company in the same quarter of the last fiscal.
The company also reported a 16 per cent increase in consolidated revenue from operations to Rs 16,914 crore in the quarter ended June 2020 compared with Rs 14,595 crore in the quarter ended June 2019.
PFC and its subsidiary Rural Electrification Corporation (REC) has so far sanctioned more than Rs 60,000 crore under the Rs 90,000-crore power distribution companies (discoms) liquidity support announced by the Centre under the Aatma Nirbhar Bharat Abhiyaan.
PFC also reported a reduction in consolidated net non-performing asset ratio to 3.15 per cent in the quarter under review, down from 4.20 per cent in the same quarter of the previous fiscal.
Shares of PFC traded 3.82 per cent higher at Rs 95.15 a scrip on the BSE.
PFC, under the administrative control of the Ministry of Power, is the largest non-banking financial company (NBFC) in power sector in India.
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