PSU NEWS
PFC Q1 net up 9 percent at Rs 1713 crore
New delhi . Power Finance Corp (PFC) on Tuesday posted a 8.64% 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`s net profit for the April-June quarter last year was Rs 1,576.21 crore, PFC said in a BSE filing.Standalone income from operations during the quarter was at Rs 7,105.60 crore, registering an increase of 5.1%.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 company said: "The valuation of quoted current investments has been madecategory 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."
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