State-Owned Power Finance Corporation Sees 20% Profit Surge in June 2024 Quarter

State-owned Power Finance Corporation posted a 20% rise in its consolidated net profit to Rs 7,182.06 crore in the June 2024 quarter, attributed to higher revenues. The company's board approved an interim dividend of 32.50%. The record date for the dividend is August 30, 2024, with payment by September 5, 2024.

State-owned Power Finance Corporation on Tuesday reported a notable 20 per cent increase in its consolidated net profit, reaching Rs 7,182.06 crore in the June 2024 quarter. This growth is primarily attributed to higher revenues.

In comparison, the company had recorded a consolidated net profit of Rs 5,982.14 crore in the corresponding quarter of the previous year, according to a regulatory filing.

Total income for the company surged to Rs 24,736.68 crore, up from Rs 21,017.81 crore during the same period last year. Additionally, the company's board approved an interim dividend at a rate of 32.50 per cent or Rs 3.25 per equity share, pending deduction of TDS, based on the face value of Rs 10 per paid-up equity share for FY25.

The company has set August 30, 2024, as the record date for determining shareholder eligibility for the interim dividend, which is scheduled to be paid on or before September 5, 2024.

(With inputs from agencies.)