Power Finance Corporation profit surges 22% to Rs 13.73 billion in Q1

Power Finance Corporation Tuesday posted over 22 per cent jump in its standalone net profit to Rs 13.73 billion in the quarter ended June 30, on the back of higher revenues and lower impairment allowance on financial instruments.

The company's net profit in the quarter ended June 30, 2017 stood at Rs 11.22 billion, the company said in a BSE filing.

According to the filing, the company's total revenues rose to Rs 70.27 billion in the quarter, compared to Rs 67.28 billion in the year-ago period.

It has provided Rs 23.4 million toward impairment allowance on financial instruments in the quarter, which is lower than Rs 10.95 billion crore a year ago.
 

The company's primary business is to provide to finance to power sector.