PFC net profit down 19%

The decline was due to losses on foreign-currency borrowings, resulting from the rupee appreciation. Total income increased by 10.37 per cent from Rs 1,238.2 crore in the quarter ended March 31, 2007, to Rs 1,366.7 crore for the quarter ended March 31, 2008.

Commenting on the negative performance, Satnam Singh, CFO, said the company has forex exposure to the tune of 5 per cent of the business and the rupee appreciated almost 8 per cent against the dollar, reducing value of overseas loans.

However, higher volume of operations helped PFC post a 22.56 per cent jump in net profit for the year ended March 31, 2008, compared with Rs 986.1crore in the corresponding previous year.

Total income increased by 28.32 per cent from Rs 3,927.6 crore for the year ended March 31, 2007, to Rs 5,039.9 crore for the year ended March 31, 2008.

Sanctioning of loans by PFC touched an all-time high of Rs 69,498 crore, an increase of over 123 per cent, and disbursements recorded a 15 per cent rise at Rs 16,211 crore compared with last financial year.

PFC has so far supported projects of over 70,000 mw and about 33,000 mw had been commissioned, accounting for 23 per cent of country