Power Finance Corporation (PFC)'s consolidated net profit declined 79.5% to Rs 693.71 crore on 12.8% rise in total income to Rs 16258.10 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax stood at Rs 1575.89 crore in Q4 March 2020, tumbling 65.6% from Rs 4580.74 posted in Q4 March 2019. Total tax expense fell 25.83% to Rs 882.18 crore in Q4 March 2020 as against Rs 1189.47 crore in Q4 March 2019.
The drop in net profit is primarily due to foreign exchange loss of Rs 3,084.78 crore in Q4 March 2020 compared with a gain of Rs 160.23 crore in the year-ago period.
In the year ended March 2020, PFC reported loan sanctions of Rs 1 lakh crore and loan disbursements of Rs about Rs 68,000 crore.
The company in notes to accounts said that the impact of COVID-19 outbreak will not be significant on its business and financial position. The result was announced on Wednesday (24 June).
Shares of PFC were up 3.01% at Rs 90.55. The stock declined 1.46% to Rs 87.90 on Wednesday.
PFC is a leading power sector public financial institution and a non-banking financial company providing fund and non-fund based support for the development of the Indian power sector.
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