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.
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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.
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