PFC Q1 profit rises 22% to Rs 1,373 cr, credit impaired loan assets at Rs 27,384 cr

September 11
15:32 2018

State-owned Power Finance Corporation has reported profit at Rs 1,373 crore for the quarter ended June 2018, a growth of 22.3 percent over a year-ago period.

Profit after tax for the June quarter 2017 stood at Rs 1,122.4 crore.

Revenue during the quarter increased 4.4 percent to Rs 7,027.5 crore compared to Rs 6,728.6 crore in corresponding period last fiscal.

Credit impaired loan assets as of June 2018 stood at Rs 27,384 crore. Cumulative impairment (on credit impaired loans, other loans and receivables) allowance was at Rs 17,243.82 crore as of June 2018 including additional accumulated impairment allowance of Rs 1,793.08 crore, the company said.

Net gain on fair value changes on derivatives for the quarter was Rs 424 crore against nil in year-ago period.

PFC said finance cost of Rs 4,940.6 crore reported during the quarter included transaction exchange loss of Rs 317.6 crore on foreign currency monetary items.

Total tax expenses for the quarter more than doubled to Rs 667.63 crore from Rs 313.03 crore in June quarter 2017.

At 14:33 hours IST, the stock price was quoting at Rs 82.35, down Rs 6.10, or 6.90 percent on the BSE.

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