Moneycontrol BureauPower Finance Corporation's (PFC) first quarter net profit met analysts' expectations, rising 8.8 percent year-on-year to Rs 1,576 crore. It was impacted by higher other expenses and tax cost. Profit was estimated at Rs 1,593 crore, according to analysts polled by CNBC-TV18.
Net interest income, the difference between interest earned and interest expended, grew by 20.3 percent to Rs 2,470 crore compared to Rs 2,053 crore in same quarter last year.
Total income from operations jumped 15.4 percent to Rs 6,755.4 crore from Rs 5,856.3 crore during the same period.
Tax cost jumped 29 percent year-on-year to Rs 717.08 crore and other expenses shot up 5 times to Rs 156.6 crore in the quarter gone by.
The state-run power projects financing company said non-performing assets for the quarter were at Rs 40.49 crore, declined compared to Rs 116.13 crore in the same quarter last year. Standard assets stood at Rs 6.44 crore (against Rs 12.48 crore year-on-year) and restructured standard assets were at Rs 201.34 crore (against nil Y-o-Y).
Shares of Power Finance Corporation closed at Rs 243.45, up Rs 4.20, or 1.76 percent on the Bombay Stock Exchange.Posted by Sunil Shankar Matkar
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