PFC Q4 profit rises nearly 10 pc to Rs 4,295 crore

State-owned Power Finance Corporation (PFC) on Wednesday posted a nearly 10 per cent rise in the consolidated net profit at Rs 4,295.90 crore in the March quarter mainly on the back of higher revenues.

The consolidated net profit of the company was at Rs 3,906.05 crore in the year-ago period, a BSE filing showed.

Total income in the quarter rose to Rs 18,873.55 crore from Rs 18,155.14 crore in the same period a year ago.

The consolidated net profit in the fiscal year 2021-22 also rose to Rs 18,768.21 crore from Rs 15,716.20 crore in 2020-21.

Total income in the fiscal year increased to Rs 76,344.92 crore from Rs 71,700.67 crore in 2020-21.

The company's board has recommended a dividend of Rs 1.25 per equity share with face value of Rs 10 each for fiscal year 2021-22. This is in addition to interim dividends of Rs 10.75 per share for 2021-22, which is already paid by the company.

R.S. Dhillon, CMD Remarks - PFC’s CMD commented that I am happy to share that during this financial year, PFC has hit yet another milestone by delivering the highest annual profit ever of Rs.10,022 cr. PFC continues to stick to its commitment to share its success with the shareholder and accordingly, during the year, PFC has distributed nearly 32% of its profit through dividend to its shareholder. On the business front, power sector is still reeling under the impact of COVID pandemic as a result our loan asset book grew marginally. However, we are optimistic that with the economic activity bouncing back to its pre-covid level, PFC’s business activity would start picking up momentum.

Parminder Chopra, Director (Finance) Remarks - PFC’s Director (Finance) commented that despite a challenging environment, PFC has delivered historically high annual profits in FY 22. PFC during the year focused on building its capital buffer and creating a resilient balance sheet to tackle the adverse economic scenario. I believe that in future also, PFC will continue to work through the consequences of the pandemic and register profitable growth.