PFC registers 23 per cent increase in net profits in June 2020 quarter

Power Finance Corporation (PFC) reported a 23 per cent rise in consolidated net profit at Rs 35.57 billion during April-June 2020, compared to Rs 29 billion in the same quarter of the previous year.

Its consolidated revenues from operations rose to Rs 169.14 billion during June 2020 quarter under review from Rs 145.95 billion a year ago. Total expenses stood at Rs 123.11 billion as against Rs 105.53 billion in April-June 2019. PFC’s net NPA dropped by 124 basis points from Q1 of 2019-20 due to resolution of two stressed assets i.e. Essar Power Transmission Limited and Suzlon Energy Limited. Its net NPA ratio as on June 2020 stood at 3.41 per cent vs. 4.65 per cent in the first quarter of 2019-20, the lowest in past four years.

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