Power Finance Corporation Q2 profit, NII grow over 20%

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Moneycontrol Bureau

State-run Power Finance Corporation's (PFC) standalone profit increased 20.4 percent to Rs 1,695.3 crore in July-September quarter compared to Rs 1,408.6 crore in year-ago period, supported by net interest income.

Net interest income, the difference between interest earned and interest expended, grew by 20.6 percent to Rs 2,496.6 crore from Rs 2,070.4 crore during same period. Revenue was up 12.5 percent year-on-year to Rs 7,022 crore in quarter gone by.

PFC is the government owned non-banking finance company that is primarily into financing power sector.

It says non-performing assets for the quarter were Rs 18.24 crore, lower compared to Rs 96.82 crore in same quarter last fiscal.

Standard assets during the quarter increased sharply to Rs 303.9 crore compared to Rs 28.33 in year-ago period while restructured assets stood at Rs 15.6 crore, a steep decline compared to Rs 215.3 crore in same period.

PFC has made a provision of Rs 43.26 crore for diminution in value of investments in quarter ended September 2015. The stock closed at Rs 249.70, up Rs 6.95, or 2.86 percent amid high volumes on the Bombay Stock Exchange.