Power Finance Corporation Delivers Strong Q2 FY2023-2024 Results
The total income of the company also witnessed a significant upswing, reaching Rs 22,403.69 crore in the quarter.
New Delhi: State-owned Power Finance Corporation (PFC) offered a commendable financial performance in the second quarter of the fiscal year 2023-2024. The company reported a substantial 27% rise in its consolidated net profit, amounting to Rs 6,628.17 crore in the July-September quarter, as compared to the corresponding period last year.
The total income of the company also witnessed a significant upswing, reaching Rs 22,403.69 crore in the quarter. This was a testament to the company's robust financial health and its capability to generate substantial revenue.Read Also : GRSE Hosts First-Ever National-Level QCC Competition for Defence PSUs
In terms of asset management, the consolidated Loan Asset Book of PFC reached an impressive figure of Rs 9,23,724 crore. This marked a noteworthy 20% surge compared to the previous year, showcasing the company's efficient asset management and growth trajectory.Read Also : IOCL ranks top Indian Corporate in Bloomberg NEF Global Rankings 2023
PFC also demonstrated its proficient risk management with a decrease in non-performing assets (NPAs). The consolidated net NPA stood at 0.98%, indicating a significant reduction in bad loans. This further highlights the company's effective risk mitigation strategies and strong financial management.
Adding to the list of achievements, PFC declared an interim dividend of Rs 4.50 per share, a move that is likely to satisfy its shareholders. This decision underscores the company's commitment to sharing its success with its investors.Read Also : THDC lowers Main Inlet Valve of Second Unit in1000 MW Tehri Pumped Storage Project
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