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Power Finance Corporation Ltd (PFC) on Tuesday posted a 1.4 per cent sequential drop in consolidated net profit for the March quarter at ₹3,906 crore. Total income during the quarter fell 1.6 per cent sequentially to ₹18,155 crore.
On a year-on-year basis, however, profit has grown nearly sixfold. During the fourth quarter of the previous fiscal year 2019-20, the company reported a net profit of ₹694 crore.
For the financial year 2020-2021, profit grew 66 per cent to ₹15,716 crore (₹9,477 crore in 2019-20). Total income grew 15 per cent to ₹71,700.5 crore.
On a standalone basis, PFC recorded highest ever net profit of ₹8,444 crore, up 49 per cent on year-on-year basis over net profit of ₹ 5,655 crore in FY20.
The company board declared a final dividend of ₹2 per share for 2020-21. In addition to the interim dividend paid out in March, the total dividend for 2020-21 comes to ₹10 per share. The biggest gainer from the payout will be the Central government, which controls a 56 per cent stake in the firm and will resultantly be paid ₹1,478 crore.
Along with its subsidiary REC Ltd, PFC has sanctioned and disbursed over ₹1,30,453 crore and ₹78,855 crore respectively to electricity distribution companies as part of the Centre’s Covid-19 liquidity package announced last year.
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