Power Finance Corporation's Profit Surge: A Bright Quarter for Renewable Investments

Power Finance Corporation, under the Ministry of Power, reported a nearly 6% increase in net profit to Rs 8,211.90 crore for the December quarter, aided by higher income and a robust loan book growth. Renewable energy investments saw a notable growth of 28%, marking a promising financial trajectory.

The state-owned Power Finance Corporation (PFC) announced a consolidated net profit of Rs 8,211.90 crore for the quarter ending in December, marking a 6% increase from the previous year. This boost was largely due to higher income and a strategic focus on renewable energy investments.

PFC reported a 9% rise in total income to Rs 29,140.57 crore during the third quarter, compared to the same period in the prior financial year. Notably, the company's loan book expanded significantly, showing a year-on-year growth of 13%, driven by a 28% surge in renewable energy financing.

Parminder Chopra, the Chairman and Managing Director, highlighted the company's robust performance over the nine-month period, emphasizing the double-digit growth in loan assets. The board has declared an interim dividend of Rs 4 per share, reflecting their confidence in continued financial strength.

(With inputs from agencies.)