PFC June quarter profit surges to Rs 1,198 crore

Company reported a net profit of Rs 971.88 crore in the year-ago period

Power Finance Corp today reported 23% jump in net profit at Rs 1,198.24 crore for the three months ended June, helped by higher income.

The state-run lender, primarily for the power sector, had a net profit of Rs 971.88 crore in the year-ago period.

In the first quarter of the current fiscal, the company recorded total income from operations of Rs 5,014.80 crore. The same stood at Rs 3,943.91 crore in the same period a year ago, according to a regulatory filing.

The company invested Rs 13.60 crore in equity shares and Rs 54.40 crore in ten% cumulative convertible preference shares of its wholly-owned subsidiary PFC Green Energy in the latest June quarter, it added.

Shares of the company declined nearly 2% to close at Rs 98.10 on the BSE.