Power Finance Corp. Q3 Results: Net Profit Surges 23% To Rs 7,760 Crore
The company attributed the over 23% rise in net profit, from last year's similar period, to higher revenues.
Power Finance Corp. on Wednesday announced that its net profit for the third quarter ending Dec. 31, 2024 stood at Rs 7,759.56 crore.
This represents a surge of over 23% against last financial year's similar period, according to the company's exchange filing. It attributed the rise in profit to higher revenues.
In the quarter ended Dec. 31, 2023, the power financier's consolidated net profit was Rs 6,294.44 crore.
Total income increased to Rs 26,821.84 crore in the quarter against Rs 23,593.40 crore in the same period a year ago.
On Wednesday, the company's board approved declaration of third interim dividend at Rs 3.50 per equity share on the face value of the paid-up equity shares of Rs 10 each for financial year 2024-25. The company had earlier paid Rs 6.75 as interim dividend for the FY 2024-25.
According to the disclosure, the company has set Feb. 28, 2025 as the record date for eligibility of the dividend. It added that the date of payment or dispatch of the third interim dividend shall be on or before March 11, 2025.
For the nine month duration of April-December 2024, the company's consolidated profit after tax, or net profit, rose 17% to Rs 22,157 crore. In comparison, the state-owned company's net profit for the similar period (April-December 2023) stood at Rs 18,905 crore.
Consolidated net worth, including non-controlling interest, grew 16% to Rs 1,51,338 crore as of Dec. 31, 2024, against Rs 1,27,841 crore as of Dec. 31, 2023.
When it came to consolidated loans, the company's asset book saw a 12% growth to Rs 10,69,436 crore till tDecember 31, 2024, compared to Rs 9,54,483 crore as of December 31, 2023.
The company claimed that consolidated net non-performing assets, or bad loans, has touched its lowest level at 0.73% in the nine-month duration of FY25 against 0.86% in 9M'24. This was on account of the concentrated resolution efforts that it has taken up.
Gross NPAs also declined significantly by 83 basis points (bps) to 2.30% in 9M'25 from 3.13% in 9M'24.
Chairman and Managing Director Parminder Chopra said the company's renewable portfolio registered a 28% year-on-year growth this quarter, reinforcing PFC's position as India's largest renewable energy lender.
Shares of Power Finance Corp. closed 0.27% higher at Rs 386.40 apiece on the BSE, compared to a 0.16% decline in the benchmark Sensex.
(with PTI inputs)
