Published on 13/08/2020 4:36:36 PM | Source: Dion Global Solutions Ltd

Power Finance Corporation Ltd Q1 net profit up 22.91% at Rs 1699.56 cr

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel 

Download Telegram App before Joining the Channel

The company reported standalone net profit of Rs 1,699.56 crore for the quarter ended June 30, 2020 as compared to Rs 1382.76 crore in the same period last year, registering a year-on-year growth of 22.91 per cent. Net revenue of the company rose moderately by 15.53 per cent at Rs 8,757.67 crore in April-June quarter of this fiscal as against Rs 7,580.62 crore in the corresponding period last year.

During April-June quarter, operating expenses increased by 250.88 per cent to Rs 969.95 crore from Rs 276.43 crore in year ago period. Other Income grew by 257.91 per cent at Rs 16.75 crore versus (Jun'19 Rs 4.68 crore).

Operating Profit surged by 6.62 per cent to Rs 7,787.72 crore as against Rs 7,304.19 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 7.71 per cent in June quarter. Interest grew by 5.77 per cent y-o-y to Rs 5,676.18 crore, while Taxation decreased by 23.50 per cent at Rs 426.79 crore (Jun'19 Rs 557.87 crore).