Power Finance Corporation net profit increases by 17% to Rs 5,023 cr in Q2

State-owned Power Finance Corporation on Thursday posted a 17% increase in its consolidated net profit to Rs 5,023.42 crore in the September quarter, mainly on the back of higher revenue.

PFC’s consolidated net profit was Rs 4,289.74 crore in the quarter ended September 30, 2020, according to a BSE filing.

The company’s total revenue rose to Rs 19,282.60 crore in the September quarter from Rs 18,171.41 crore a year ago.

Consolidated net NPA decreased from 2.60% in the first half of FY21 to 1.72% in the first half of FY22 due to the resolution of distressed assets.

The Board of Directors at its meeting on Thursday also approved the declaration of the second interim dividend at the rate of Rs 2.50 per share (subject to deduction of TDS) on the par value of paid up shares of Rs 10 each for 2021-22.

An interim dividend of Rs 2.50 per share was declared in Q2 FY22. Thus, so far, PFC has paid an interim dividend of Rs 4.75 per share, or 47.5%, the company said in a statement.

The company has advised that Thursday, November 25, 2021 will be considered the “record date” for determining shareholder eligibility for payment of the second interim dividend for 2021-22.

The date of payment/sending of the second interim dividend will be December 10, 2021 at the latest.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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