Dynamite News
PFC records highest ever quarterly profit; Increase of 28% in Q2 in current fiscal year
India's leading public sector undertaking, Power Finance Corporation Limited has clocked the highest ever quarterly Profit After Tax of Rs 3,847Cr in Q2’24. Read further on Dynamite News:
New Delhi: The state-run Power Finance Corporation Limited (PFC) has added another feather in its cap after successfully recording an increase of 28% profit for Q2 of FY 2024 as compared to Q2 of FY 2023.
The PFC registered the highest-ever quarterly Profit After Tax (PAT) of Rs3,847Cr in Q2’24, registering an impressive increase of 28% from Rs2,999Cr in Q2’23.
Half-yearly PAT witnessed a notable increase of 34% from Rs5,108Cr in H1’23 to Rs6,854Cr in H1’24. However, consolidated Profit After Tax has shown a 29% increase from Rs9,809Cr in H1’23 to Rs12,610Cr for H1’24, reports Dynamite News correspondent.
PFC Chairperson and Managing Director Parminder Chopra said, “We have delivered another successful quarter for FY 2024 with 28% increase in profit vis-à-vis Q2’23, reflecting our inherent strengths”.
“Sharing our success with our shareholders has always been PFC’s philosophy. In this quarter, our Board has declared an interim dividend of Rs. 4.50 per share”, Chopra added.
It is 2.5 times jump in disbursements- from Rs. 21,790 cr. in H1’23 to Rs. 55,562 cr. in H1’24.
Under the dynamic leadership of CMD Parminder Chopra, PFC continues to expand and strengthen its business portfolio. As the power sector is evolving at an unprecedented pace as India strives to fulfill its energy transition vision, including achieving 500GW of renewable capacity by the end of 2030, PFC will bolster the growth prospects in the coming years.