 "Power Finance Corporation profit up 10%, sanctions loans more than targets")
The country’s leading financier to the power sector, Power Finance Corporation Ltd. (PFC) profit after tax for FY15 increased to Rs 5,959 crore as compared Rs. 5,418 crores in last fiscal, increase of 10 per cent.
The total income for FY15 stood at Rs 24,907 crores - an increase of 17 pe rcent over last fiscal, while the Net Interest Income during same period increased to Rs 9,872 crores
The financier’s loan assets at the end of FY15 increased to Rs 2,17,042 crores from Rs. 1,88,753 crores in FY14. The net worth at the end same period increased to Rs.29,245 crores from Rs.25,098 crores.
The level of non-profitable assets as a per cent of loan assets stood at 0.87 per cent. PFC made sanctions totaling Rs 60,784 crores against target of Rs. 55,000 crores for financial year 2014-15.
The major loans sanctioned by PFC were for the 660 Mw TPS Of U P Rajya Vidyut Utpadan Nigam Ltd. at Panki (Kanpur), 1000 Mw Hydro Electric Project of Chenab Valley Power Projects Pvt. Ltd and 1000 Mw TPP Of Neyveli Lignite Corporation Limited at Neyveli, Tamil Nadu. It also sanctioned regulatory assets loan of BSES Rajdhani Power Ltd., Delhi and WB State Electricity Distribution Co. Ltd.