Power Finance Corporation profit spikes 17%
NEW DELHI: State-run power sector financier Power Finance Corporation (PFC) on Thursday disclosed a 17 per cent spike in its consolidated net profit for the quarter ended December 2920. The company clocked earnings of Rs 3,963.18 crore for the quarter under review compared to Rs 3,386.72 crore during the corresponding quarter of the previous year.
The period also saw the sector lender’s total income increase to Rs 18,441.72 crore during the quarter compared to Rs 15,878.04 crore during the corresponding period of the previous year. As for the impact of the pandemic on the company, it noted that there remains no significant impact of the outbreak continuing
on its business operations.
PFC Chairman and Managing Director R S Dhillon said, “I am happy to see that PFC has so far navigated the pandemic well with a high level of resilience. This quarter results are a testament to this. With Indian economy getting back on track of recovery,
I feel positively about the recovery in Indian power sector.” The company has also reduced its consolidated net NPA (non-performing assets or bad loans) ratio from 3.56 per cent in the third quarter of the previous fiscal to 2.12 per cent in Q3 of FY21.