PFC shares gain 9% after reporting Q2 results; declares Rs 3.5 dividend

Power Finance Corporation (PFC) shares advanced 8.8 per cent on Monday and registered an intraday high of Rs 489.1 per share on BSE. The stock climbed after the company declared a second interim dividend and reported good Q2 results. 

 

Around 11:52 AM, PFC share price was up 8.39 per cent at Rs 487.15 per share on BSE. In comparison, the BSE Sensex was up 0.71 per cent at 80,053.62. The market capitalisation of the company stood at Rs 1,60,764.46 crore. The 52-week high of the stock was at Rs 580.35 per share on BSE and 52-week low of the stock was at Rs 452.05 per share.

 

On Friday, in the last few minutes before market closing, Power Finance Corporation reported a nearly 9 per cent rise in consolidated net profit at Rs 7,214.90 crore for the September quarter as compared to a profit of Rs 6,628.17 crore in the same period of FY24, according to a BSE filing. 

 

The company's total income rose to Rs 25,754.73 crore from Rs 22,387.32 crore a year ago.

 

Its consolidated net worth (including non-controlling interest) increased by 17 per cent from Rs 1,23,703 crore as of September 30, 2023, to Rs 1,45,158 crore as of September this year.

 

Meanwhile, in other developments, PFC has decided against extending a loan to Shapoorji Pallonji Group, a top official said, throwing into doubt the infrastructure conglomerate’s plans to refinance debt worth around Rs 20,251 crore ($2.4 billion).  

 

“We have decided not to go ahead with sanctioning of the loan of Shapoorji Pallonji,” Chairman and Managing Director Parminder Chopra told analysts in a call on Friday. She added that PFC had done due diligence and found it was a new sector for the government-backed lender to fund. 

PFC dividend 

The company declared a second interim dividend of Rs 3.5 per share and fixed the record date as November 25, 2024.

 

The record date is the specific day on which a company finalises the list of shareholders eligible for its forthcoming dividend distribution.

 

Power Finance Corporation Limited (PFC) is an Indian public sector financial company that primarily focuses on providing funding for the power sector in India. It is a government-owned entity and is one of the leading financial institutions in the country that specializes in financing power projects, both in the generation and distribution segments, as well as related infrastructure.

 

In the past one year, PFC shares have gained 51.15 per cent against Sensex's rise of 22 per cent.