 "Power Finance's profit rises on increased income from operations")
Power Finance Corporation, state run apex financier for the power sector reported 4.83% increase in net profit at Rs 1,541.73 crore for the third quarter ending December 31for the fiscal 2014-15. The company attributed the rise in profit to increase in income from operations.
The company's total income from operations rose to Rs 6,434.65 crore in the third quarter of the current fiscal, as against Rs 5,540.52 crore in the year-ago period. However, PFC's other operating income fell sharply from Rs 199.66 crore to Rs 88 crore.
The loan assets of the leading financier the end of 9 months of the FY15 increased to Rs.2,05,211 crore from Rs.1,77,529 crores, an increase of 16%. The company said in a statement that net non profitable assets, as a% of loan assets stood at 0.75%.
The major loans sanctioned by PFC were notably - Rs 7669 crore to 1320 mw thermal power plant in of Tamil Nadu Generation and Distribution Corporation, Rs 3770 crore to 660 mw thermal power station of U.P. Rajya Vidyut Utpadan Nigam Ltd, Rs 3178 crore to 1000 mw hydro electric project of Chenab Valley Power Projects Pvt. It also extended Rs 3008 crore as regulatory assets loan of BSES Rajdhani Power Ltd.
The net worth of PFC increased by 23% to Rs.29,143 crores during the same period.