Power Finance Corp reports record standalone profit of Rs 6,953 cr for FY19

Speaking on the proposed merger of Rural Electrification Corporation (REC) with the company, PFC's CMD Rajeev Sharma said that due diligence was underway

State-run Power Finance Corporation (PFC) on Wednesday reported a record standalone profit of Rs 6,953 crore for the full year and standalone net profit of Rs 2,118 crore for the quarter ended March 31, 2019. Company officials said that debt resolution of the company's stressed assets was underway and a merger with Rural Electrification Corporation (REC) was being discussed.

While the net profit reported for the quarter ended March 31, 2019, was more than double the Rs 796.35 crore reported in the same period a year ago at the standalone level, the standalone profit for FY19 was 58 per cent