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Our Bureau

Mumbai, April 16 The net profit of Power Finance Corporation Ltd for the quarter ending March 31 has fallen by 19 per cent to Rs 297.32 crore from Rs 368.29 crore in the year ago quarter.

Mr Satnam Singh, Director (Finance and Financial Operations) of PFC, addressing the media, said that the fall in net profit can be attributed to higher extraordinary income of about Rs 55 crore in the Q4 of 2006-07 and loss due to foreign currency borrowing in 2007-08, he said.

The net profit for the quarter and year-ended March 31, 2007 was impacted by Rs 55.28 crore by transfers (included in Other Income) of Rs 101.56 crore from Exchange Risk Management Account, due to change in policy in accounting for exchange differences, whereas no such income is available in the current quarter/year, the company said in a stock notice.

Net sales for the quarter have increased by 21 per cent to Rs 1,365.23 crore from Rs 1,132.17 crore in the previous quarter. For the financial year 2007-08 the loan sanctions of PFC touched an all-time high of Rs 69,498 crore representing an increase of over 123 per cent. Disbursements recorded a rise of 15 per cent at Rs 16,211 crore compared to the last FY (2006-07).

PFC had so far financially supported projects of over 70,000 MW and about 33,000 MW had been commissioned accounting for about 23 per cent of country’s installed power capacity.

Dr V. K. Garg, Chairman and Managing Director of PFC, said the company is diversifying its lending portfolio and increasing its lending to non-conventional sector.

A new scheme for leasing of wind mills has been formulated by PFC. Wind mills of 125 MW are coming in which will entail an additional investment of Rs 600 crore, he said.

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