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Power Finance Corporation FY20 profit dips 25% to Rs 9,477 crore, revenue rises by 15%

In Q4 FY20, Power Finance Corporation reported nearly 80 drop in consolidated net profit at Rs 693.71 crore as compared to Rs 3,391.27 crore in the quarter ended March 31, 2019

twitter-logoBusinessToday.In | June 24, 2020 | Updated 17:22 IST
Power Finance Corporation FY20 profit dips 25% to Rs 9,477 crore, revenue rises by 15%
Shares of Power Finance Corporation ended Wednesday's trade at Rs 87.90 apiece, down 1.46 per cent

State-owned Power Finance Corporation (PFC) has reported 25.02 per cent year-on-year decline in consolidated net profit at Rs 9,477.24 crore for the financial year ended March 31, 2020. The financial back bone of Indian power sector posted a consolidated net profit of Rs 12,640.27 crore in the financial year 2018-19.

The consolidated total income of the large cap company, however, increased by 15 per cent to Rs 62,275.36 crore in FY20 from Rs 54,156.83 crore in FY19.

For the fourth quarter ended March 31, 2020 (Q4 FY20), Power Finance Corporation reported 79.54 per cent drop in consolidated net profit at Rs 693.71 crore as compared to Rs 3,391.27 crore.

Also Read: GAIL FY20 profit rises 45% to Rs 9,514 crore

During the quarter under review, total income increased to Rs 16,254.65 crore from Rs 14,387.92 crore in the year-ago quarter.

For the full year, total expenses of the company rose to Rs 48,204.12 crore as compared to Rs 36,339.05 crore in FY19. In Q4 FY20, total expenses stood at Rs 14,682.21 crore versus Rs 9,838.15 crore in the same period last year.

Also Read:  India Cements' FY20 profit rises to Rs 53 crore; board recommends dividend

Ahead of earnings report, shares of Power Finance Corporation ended Wednesday's trade at Rs 87.90 apiece, down 1.46 per cent, as against previous closing price of Rs 89.2 on the Bombay Stock Exchange.

By Chitranjan Kumar

 

 

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