Q2 Results: PFC net profit rises 80% to Rs 2,085 crore in second quarter

• PFC has registered an outstanding growth of 80 percent in its standalone net profit to Rs 2,085 crore during the quarter ended September 30

• During the period the loan sanctions rose 54 percent to Rs 50,119 crore from a year ago, said PFC

New Delhi: Power Finance Corporation (PFC), India's leading NBFC and a Navratna PSU under the Ministry of Power on Thursday announced its financial results for the second quarter (Q2) of the current financial year (FY2020-21). During the quarter ended on September 30, PFC has registered an outstanding growth of 80 percent in its standalone net profit to Rs 2,085 crore and 14 percent growth in the loan assets as compared to the same period in the previous financial year (FY20). The total income also registered an increase of 15 percent to Rs 9,232 crore.

The company said that during the period the loan sanctions rose 54 percent to Rs 50,119 crore from a year ago, disbursals in the same period stood at Rs.28,826 crore compared to Rs.18,366 crore a year ago. On a consolidated level also, the PFC has performed well.

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PFC Group recorded a net profit after tax of Rs 4,290 crore compared to Rs 2,497 crore in the same quarter last year. The consolidated total income stood at Rs 18,171 crore for the quarter ended 30th September 2020 compared to Rs 15,538 crore in the same period last year, registering a growth of 17 percent.

Amidst the ongoing pandemic, PFC has been able to show a strong performance by leveraging its position as the leading lender in the power sector.

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