Power Finance Corporation's Q1 Net Profit Jumps 23% To ₹3,717 Cr, Announces Dividend

Power Finance Corporation posted its earnings for the quarter ended June on Tuesday.

What Happened: The company’s net profit for the June quarter came in at ₹3,717 crore, up around 23% from the ₹3,007 crore profit posted in the same quarter last year.

See Also: Ola Electric IPO: Subscription Status At 1.60 Times, GMP Crashes

Net interest income — the difference between a lender’s income from lending activities and finance costs — came in at ₹4,328 crore, up 23% from the ₹3,504 crore reported in the corresponding quarter of the previous year. Total revenue from operations stood at ₹11,910 crore, up around 17% from the ₹10,130 reported in the year-ago period.

The company also declared a ₹3.25/share interim dividend. The record date for dividend payment is set on August 30.

Last month, global brokerage firm Bernstein initiated coverage on the stock with an “outperform” rating and a target price of ₹620.

Price Action: PFC’s share price was down 4.86% to trade at ₹473.85 on Tuesday afternoon.

Read Next: Vedanta Sees Net Profit Jump To ₹3,606 Cr, Revenue Up 6%

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
Posted In: EarningsEquitiesNewsDividendsMarketsMoversTrading IdeasPower Finance Corporation