Power Finance Corp Q3 profit jumps 37% at Rs 1,534.31 cr

Written by Press Trust of India | New Delhi | Updated: Feb 5 2014, 01:49am hrs
Power Finance CorpState-run Power Finance Corp posted over 37 per cent jump in net profit to Rs 1,534.31 crore. Reuters
State-run Power Finance Corp today posted over 37 per cent jump in net profit to Rs 1,534.31 crore for the October-December period of this fiscal and announced an interim dividend of Rs 856.24 crore to the government.

The company had reported a net profit of Rs 1,117.10 crore during the same period last year (2012-13), Power Finance Corporation said in a regulatory filing.

The board of directors declared and approved the payment of interim dividend of Rs 8.80 per share on the face value of paid-up equity shares of Rs 10 each for 2013-14.

At current market price, the dividend amounts to Rs 1,162 crore, of which Rs 856.24 crore will go to the central government, which holds 73.71 per cent stake in the firm. The dividend on equity shares will be paid on February 17, 2014, the company said.

Total income of the company grew to Rs 5,539.23 crore during the period under review as compared to Rs 4,465.37 crore in the corresponding period of the last financial year (2012-13).

Power Finance Corporation's other income increased to Rs 8 crore during the period from Rs 82 lakh in the previous quarter. Power Finance Corporation is engaged in financing power generation, transmission and distribution projects.

The loan sanctions (excluding sanctions under R-APDRP scheme) for the current quarter increased by 36 per cent to Rs 24,629 crore from Rs 18,144 crore.

The major projects sanctioned during the quarter include Rs 4,555 crore to 800 MW and Rs 3,746 crore to 660 MW thermal power stations of A P Power Generation Corporation. Shares of the company closed at Rs 138 apiece, up 4.59 per cent on the BSE.