PFC Ltd.'s share price erased losses after the company reported an increase in its net profit for the April–June quarter. Its consolidated net profit advanced 25% on the year to Rs 8,981 crore in the first quarter from Rs 7,182 crore.
Power Finance Corp's calculated net interest income rose 22.7% on the year to Rs 11,054 crore from Rs 9,006 crore.
The company has announced an interim dividend of Rs 3.70 per share.
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In the previous quarter, PFC's consolidated total income advanced 19.4% on the year to Rs 13,721.47 crore from Rs 11,493.73 crore. The net profit advanced 24% on the year to Rs 5,108.90 crore from Rs 4,135.40 crore.
Shares of PFC rose as much as 0.94% to Rs 417.40 apiece. The stock had opened flat and declined 1.93% to Rs 405.5 apiece earlier in the day. The stock was trading 0.85% higher at Rs 416.6 apiece as of 1:31 p.m., compared to 0.10% decline in the NSE Nifty 50 index.
The stock declined 12.02% in 12 months, and 6.93% on year-to-date basis. Total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 52.02.
Thirteen analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 24.6%.
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