PFC’s Consolidated Profit Climbs 7% at Rs 5241 Cr in Dec Quarter

PFC Issues Tender for Selection of Solar Power Developers for 1250 MW Solar Projects

State-owned non-banking financial firm Power Finance Corporation (PFC) has reported a 7% increase in its consolidated profit, standing at Rs 5,241.10 crore in December quarter. Higher revenues have contributed to this increase.

PFC’s consolidated net profit was pegged at Rs 4,893.91 crore in FY22 October-December quarter. The cumulative income of the firm rose to Rs 19,662.65 crore in the said quarter from Rs 19,213.69 crore, reflecting YoY increase.

The board also gave its green signal for third interim dividend of Rs 3.50 per share. This brought the total interim dividend for FY 2022-23 to Rs 8.75 per share.

The cumulative loan asset book exceeded Rs 8 lakh crore. As on December 31, 2022, it was Rs 8,04,526 crore.

As far as the consolidated disbursements are concerned, they exceeded Rs 1 lakh crore-mark at Rs 1,06,875 crore for the period of 9 months in FY23 (April-December 2022). This reflects a 28 per cent surge as against the 9 months of 2022 (April-December 2021).

On the distribution end, till date, the PFC group has unitedly approved Rs 1,02,831 crore and disbursed Rs 28,179 crore under LPS (Late Payment Surcharge) Rules.

Under the Revamped Distribution Sector Scheme (RDSS), PFC has given its nod for the action plan for 11 states — Andhra Pradesh, Gujarat, Himachal Pradesh, Kerala, Madhya Pradesh, Uttarakhand, Haryana, Jharkhand, Maharashtra, Puducherry and Punjab. “The RDSS aims to reduce the AT& C losses to pan-India levels of 12-15% and ACS-ARR gap to zero by 2024-25 by improving the operational efficiencies and financial sustainability of all DISCOMs/ Power Departments excluding Private Sector DISCOMs.”