PFC net profit up 17% to Rs 659 crore

Power Finance Corporation (PFC) recorded a 17 per cent increase in its net profit to Rs 658.8 crore for the quarter ended December 31, against Rs 563.6 crore in the same quarter last year.

The total income rose to Rs 2,581 crore for the third quarter ended December 31, compared to Rs 2,030 crore in the corresponding period last year, PFC said in a statement.

The major projects sanctioned during the quarter include Rs 5,625-crore 2x660 MW unit of Orissa Power Generation Corporation, a Rs 2,575-crore 1,220 Mw unit in Maharashtra State PGCL, Rs 2,300-crore 1,750 Mw unit of Athena Demwe Power and the Rs 1,500-crore 1,320 Mw unit of Lanco Power.

PFC is likely to come up with a follow-on offer to raise about Rs 7,000 crore in May.

The ministry of power had sent a proposal for 15 per cent fresh equity and five per cent disinvestment of government stake in the company in November, last year. At present, the government holds 89.78 per cent stake in the firm. It had divested a 10 per cent stake through an initial public offer in 2007.