Power Finance Corporation profits rise by 8 percent in Q1

New Delhi, Aug 14 (IANS) Public sector power financing company Power Finance Corporation (PFC) posted a net profit of Rs.1,576.21 crore for the first quarter of fiscal 2015-16, a rise of 8.83 percent in profits from corresponding quarter of fiscal 2014-15, PFC announced on Friday.

According to the standalone quarterly financial results for the quarter ended June 30, net profit rose by Rs.127.95 crore in the April-June quarter of the current fiscal, net profit was Rs.1,448.26 crore in Q1 2014-15.

Total income from operations rose to Rs.6,755.39 crore in the quarter under review from Rs.5,856.27 crore in first quarter of last year, a rise of Rs.899.12 crore at the rate of 15 percent.

Total expenses also grew to Rs.4,465.77 crore in Q1 2015-16 from the year ago quarter.

PFC counts state electricity boards, state, central and private power utilities, equipment manufacturers and other state departments engaged in power development projects as its clients.

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