Power Finance Corporation Records Robust Profit Growth

State-owned Power Finance Corporation announced a 20% rise in consolidated net profit to Rs 7,182.06 crore for the June 2024 quarter, driven by higher revenues. The company will provide an interim dividend of Rs 3.25 per equity share and earmarked August 30, 2024, as the record date.

State-owned Power Finance Corporation (PFC) reported a significant 20% increase in consolidated net profit on Tuesday, reaching Rs 7,182.06 crore for the June 2024 quarter, compared to the same period last year. The profit boost is primarily attributed to higher revenue streams.

For the quarter ending June 30, 2024, PFC had a consolidated net profit of Rs 5,982.14 crore, according to a regulatory filing. Total income for the quarter surged to Rs 24,736.68 crore from Rs 21,017.81 crore a year ago.

The company's board approved an interim dividend of 32.50% or Rs 3.25 per equity share, with August 30, 2024, set as the record date for shareholder eligibility. The interim dividend is scheduled for payment on or before September 5, 2024.

(With inputs from agencies.)