New Delhi: State-run Power Finance Corp (PFC) on Tuesday posted an 8.64 per cent rise in standalone net profit at Rs 1,712.55 crore for the quarter ended June 30, on the back of higher interest income.
The company had registered a net profit of Rs 1,576.21 crore for the corresponding period a year ago, it said in a filing to the BSE.
Standalone income from operations in the quarter under review was at Rs 7,105.60 crore - an increase of 5.1 per cent.
Interest income in the first quarter increased to Rs 7,072.05 crore, from Rs 6,709.32 crore in the year-ago period.
"The valuation of quoted current investments has been made category wise against the earlier policy of scrip wise valuation. Due to this change in accounting policy, profit before tax for current quarter has increase by Rs 63.65 crore," the company said.
It also stated that due to a change in the policy of classifying loan asset as loss assets, the profit before tax increased by Rs 283.63 crore.
Till March 31, 100 per cent of the loan assets were treated as non-preforming assets (NPAs) on becoming doubtful for more than three years. Now 50 per cent of these loan assets are treated as NPAs.
The company's primary business is to provide finance for the power sector.
The company had registered a net profit of Rs 1,576.21 crore for the corresponding period a year ago, it said in a filing to the BSE.
Standalone income from operations in the quarter under review was at Rs 7,105.60 crore - an increase of 5.1 per cent.
Interest income in the first quarter increased to Rs 7,072.05 crore, from Rs 6,709.32 crore in the year-ago period.
"The valuation of quoted current investments has been made category wise against the earlier policy of scrip wise valuation. Due to this change in accounting policy, profit before tax for current quarter has increase by Rs 63.65 crore," the company said.
It also stated that due to a change in the policy of classifying loan asset as loss assets, the profit before tax increased by Rs 283.63 crore.
Till March 31, 100 per cent of the loan assets were treated as non-preforming assets (NPAs) on becoming doubtful for more than three years. Now 50 per cent of these loan assets are treated as NPAs.
The company's primary business is to provide finance for the power sector.
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