Power Finance

State-owned Power Finance Corporation on Tuesday posted over 20 per cent rise in its consolidated net profit to Rs 7,182.06 crore in June 2024 quarter compared to a year ago, mainly due to higher revenues. The company reported a consolidated net profit of Rs 5,982.14 crore in the quarter ended on June 30, 2024, a regulatory filing showed. Total income rose to Rs 24,736.68 crore in the quarter from Rs 21,017.81 crore in the same period a year ago. The company's board also approved declaration of an interim dividend at the rate of 32.50 per cent or Rs 3.25 per equity share (subject to deduction of TDS) on the face value of the paid-up equity shares of Rs 10 each for FY25. Further, the company informed that August 30, 2024 (Friday) shall be reckoned as the 'record date' for ascertaining the eligibility of shareholders for payment of the interim dividend, which will be paid on or before September 5, 2024.

This loan will assist the Mistry family in repaying personal debts, amounting to about $3 billion, and fulfilling commitments made to their creditors

Within this basket of Modi stocks, the preferred BUYs for CLSA India analysts are ONGC, NTPC, NHPC, SBI, Power Finance, IGL and Mahanagar Gas in the PSU space

State-owned REC Ltd on Tuesday posted a 33 per cent rise in its consolidated net profit to Rs 4,079.09 crore during the March quarter on account of higher income. The company had clocked a net profit of Rs 3,065.37 crore during the January-March quarter preceding FY 2022-23, REC said in a regulatory filing. The company's total income during the fourth quarter rose to Rs 12,706.66 crore from Rs 10,254.63 crore in the year-ago period. Total expenses were Rs 7,477.18 crore in the March quarter as against Rs 6,353.40 crore. For the entire FY24, the company's net profit was Rs 14,145.46 crore, up from Rs 11,166.98 crore in FY23. The income also rose to Rs 47,571.23 crore in FY24 compared to Rs 39,520.16 crore a year earlier. REC Ltd, under the Ministry of Power, is a non-banking finance company focusing on power sector financing and development across India.

State-owned REC has made record loan sanctions worth Rs 3.59 lakh crore during 2023-24, posting a year-on-year rise of 33.66 per cent. It had sanctioned Rs 2.68 lakh crore as loan during the preceding 2022-23 fiscal, the company said in an exchange filing. Of the total Rs 3.59 lakh crore, Rs 1.36 lakh crore were "renewable energy sanctions", higher from Rs 21,371 crore sanctioned for green projects a year ago. "REC Ltd has continued its growth trajectory and posted...strong operational performance with highest ever loan sanctions at Rs 3.59 lakh crore and the highest ever loan disbursements at Rs 1.61 lakh crore during the year 2023-24," it said. The disbursements were 66.72 per cent higher as compared to Rs 96,846 crore worth of loans disbursed in FY23. As of March 31, 2024, the company's loan book was at Rs 5.09 lakh crore, higher 17.13 per cent as against Rs 4.35 lakh crore in FY23. REC, under Ministry of Power, is a non-banking finance company (NBFC) focusing on power sector

India's REC plans to raise funds through two bonds, one maturing in three years and two months and the other in 10 years, three bankers said on Friday

Green energy major Renew Energy Global Friday signed loan agreements worth Rs 64,000 crore with Power Finance Corporation and Rural Electrification Corporation. Public sector energy funders will lend Rs 32,000 crore each to the Nasdaq-listed energy company. The loan agreements were signed at the clean energy ministerial meet, a part of the G20 meeting, in Goa. "We will receive Rs 32,000 crore (USD 3.9 billion) each from PFC and REC for financing its current and upcoming energy transition projects, totalling USD 7.8 billion or Rs 64,000 crore," the company said in a statement issued from Goa without sharing project details or a timeline for disbursals. The company will utilise the funds for new projects, including solar, wind, hybrid, energy storage, solar modules and cell manufacturing, and green hydrogen, the statement added. Kailash Vaswani, president, corporate finance at Renew, said the company already has a long-standing relationship with PFC and REC-- the biggest lenders to

State-owned Power Finance Corporation (PFC) on Thursday said it has provided Rs 9,187 crore finance to HPCL Rajasthan Refinery Ltd. This is the first project where PFC has extended its financial assistance to the refinery and petrochemical sector, a company statement said. PFC is extending its support in nation building not only through the power sector but also in the infrastructure segment, it stated. "PFC, a Maharatna company and India's leading NBFC in the power sector, has extended its financial assistance of Rs 9,187 crore to HPCL Rajasthan Refinery Ltd for its 9 MMTPA refinery-cum-petrochemical complex located at Barmer, Rajasthan," it said. HPCL Rajasthan Refinery Limited (HRRL) is setting up a green-field refinery-cum-petrochemical complex in Barmer district, Rajasthan, at a project cost of Rs 72,937 crore. On July 4, 2023 HRRL executed a loan agreement under a consortium arrangement for Rs 48,625 crore, wherein the share of PFC Ltd was Rs 9,187 crore. HRRL is a Joint Ve

The finance ministry is yet to confirm their participation and draw broad contours of the bond issuance

State-run non-banking financial firms -- Power Finance Corporation (PFC) and REC Ltd -- have reduced their lending rates across all types of loans by 40 basis points. PFC and REC Ltd have further reduced their lending rates across all types of loans by 40 Bps, a power ministry statement said. The reduction in rates has been possible due to lower cost of borrowings by these organisations. It is pertinent to note that PFC and REC are already providing short-term loans at interest rates as low as 6.25 per cent, the ministry said. According to the statement, Union Minister for Power and New & Renewable Energy R K Singh expressed satisfaction at the continued efforts by both companies to reduce rates and remain competitive. Singh said continued reduction of lending rates by REC and PFC will help power utilities to borrow at competitive rates and invest in improving the power sector infrastructure, thereby benefiting the consumer by way of reliable and cheap power. In the last about one

Total income rose to Rs 15,878 crore, from Rs 14,051 crore

The company has been receiving queries from various investors regarding capital adequacy subsequent to the transaction

Caution amid expectations of muted credit demand, earnings growth, shrinking return ratios