PFC net profit for Q2 FY21 rises 80% to Rs2,085 cr
20 November 2020
Power Finance Corporation (PFC), an NBFC under the ministry of power focused on lending to the power sector, has reported an 80 per cent year-on-year jump in stand-alone net profit at Rs2,085 crore for fiscal second quarter ended 30 September 2020-21, The PSU also recorded a 14 per cent growth in loan assets as compared to the comparable period in FY20. PFC’s total income also rose 15 per cent to Rs9,232 crore.
Loan sanctions during the quarter rose 54 per cent to Rs50,119 crore from a year ago, while disbursals during the period stood at Rs28,826 crore compared to Rs18,366 crore a year ago.
On a consolidated basis also, the group performed well during the quarter ended 30 September 2020.
PFC Group recorded a net profit (after tax) of Rs4,290 crore compared to Rs2,497 crore in same quarter last year. Consolidated total revenue stood at Rs18,171 crore for the quarter ended 30 September 2020 compared to Rs15,538 crore in the same period last year, recording a growth of 17 per cent.
Amidst the ongoing pandemic, PFC has been able to show a strong performance by leveraging its position as the leading lender in the power sector