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.
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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.
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