Page 2 - Power Finance Corporation

PFC signs MoU with Gujarat govt for power projects worth Rs 25,000 crore

'The collaboration will not only focus on the expansion of power infrastructure, but also help create employment generation of up to 10,000 in Gujarat,' said the Ministry of Power

68 companies blaze a trail, capturing 56% of India's market; PSUs take lead

FORTUNE'S FAVOURED FEW: Sixty-eight companies blaze a trail, capturing 56% of India's market; PSUs take the lead

This PSU co joins Rs 1-trillion m-cap club; zooms 127% in so far in 2023

Thus far in the calendar year 2023 (CY23), the stock price of PFC has zoomed 127 per cent on strong business performance and healthy outlook

Power Finance Corporation net profit up 27% to Rs 6,628 cr in Sep qtr

State-owned Power Finance Corporation (PFC) on Wednesday posted a nearly 27 per cent rise in its consolidated net profit to Rs 6,628.17 crore in the July-September quarter compared to a year ago. The consolidated net profit of the company was Rs 5,229.33 crore in the quarter ended on September 30, 2022, a BSE filing showed. Total income rose to Rs 22,403.69 crore in the quarter from Rs 19,344.39 crore in the same period a year ago. PFC Chairman and Managing Director Parminder Chopra said, "We have delivered another successful quarter for FY 2024 with a 28 per cent increase in profit vis--vis Q2'23, reflecting our inherent strengths. "In this quarter, our Board has declared an interim dividend of Rs 4.50 per share," she stated. Till 30th September 2023, the PFC has sanctioned Rs 70,499 crore and disbursed Rs 31,508 crore under Late Payment Surcharge Scheme. Consolidated Loan Asset Book crossed Rs 9 lakh crore mark and stood at Rs 9,23,724 crore as of September 30, 2023, versus Rs

PFC sanctions Rs 15,000 cr loans, forays into funding of airport projects

State-owned Power Finance Corporation (PFC) on Tuesday announced that it has sanctioned Rs 15,000 crore loans for various projects and also forayed into funding of airport projects. "To reaffirm its commitment towards developing the power sector of the North Eastern Region, PFC held its recent board meeting in Shillong, Meghalaya," a BSE filing said. PFC has sanctioned loans amounting to Rs 15,000 crore for various projects during its board meeting, it stated. As part of its diversification strategy and funding for infrastructure projects, PFC sanctioned its maiden financing for a greenfield airport project in Andhra Pradesh, it added. PFC's board of directors also reviewed strategic agendas pertaining to the company's business diversification strategy, including exploring avenues for expanding the business into new market segments and accelerating the funding in the renewable space, the current domestic and international market scenario and its impact on PFC's borrowing cost, and

PFC signs MoU worth Rs 1.18 trn with SJVN for renewable energy projects

The financial backing from PFC is expected to range between Rs 80,000 crore and Rs 90,000 crore, displaying a significant commitment to these crucial projects

SJVN inks pact with PFC to get finance for projects worth Rs 1.18 trn

State-owned power producers SJVN Ltd on Wednesday said it has inked an initial pact with Power Finance Corporation (PFC) to get finance for its projects worth Rs 1.18 lakh crore. "PFC and the company have signed a Memorandum of Understanding (MOU) for financial assistance to various diversified portfolio of projects, including majorly Renewable Energy projects and thermal generation projects to be set up at a total project cost of about Rs 1,18,826 crore," a BSE filing said. The term loan financial assistance is tentatively proposed at 70 per cent of the project cost, which may be increased for renewable energy projects as per project requirements, it stated. In a separate statement, PFC said, "PFC and SJVN Ltd have signed an MoU for providing financial support to various projects, including massive Renewable Energy ventures (Solar, Hydro, and Pumped Storage) totalling 12,178 MW capacity, along with a 660 MW thermal generation project for an estimated project cost of approximately R

Small, mid or large, many 'caps' cos wear: Polycab, PFC take pole position

An equivalent number of stocks will experience downgrades, moving from large-cap to mid-cap and from mid-cap to small-cap

Juniper Green Energy signs MoU with Power Finance Corporation for Rs 5K cr

Juniper Green Energy has signed an MoU with state-owned Power Finance Corporation for Rs 5,000 crore to fund its renewable energy projects. The memorandum of understanding (MoU) is for funding projects of 1200 MW capacities. "The collaboration will support us in pursuing exciting opportunities as we play a critical role in meeting the exponential growth of sustainable energy for India," company's CFO Parag Agrawal said in a statement.

Power Finance Corporation aims to raise Rs 5,000 crore through NCDs

The effective yield offered to NCD holders varies based on different categories and ranges from 7.44 per cent to 7.54 per cent per annum

Power Finance Corporation plans to raise Rs 10,000 cr through NCDs

Power Finance Corporation is planning to raise Rs 10,000 crore through non-convertible debentures, the state-owned company said on Wednesday. The company said it "has filed a draft shelf prospectus for Rs 10,000 crore non-convertible debentures (NCD) fundraise. The public issue of secured, rated, listed, redeemable NCDs with a face value of Rs 1,000 each aggregate up to Rs 10,000 crore (shelf limit) and will be issued in one or more tranches". The company filed the prospectus with the BSE on July 6. Of the net proceeds, at least 75 per cent will be utilised for onward lending, financing/refinancing the existing debt of the company, and/or debt servicing and payment of interest and/or repayment/prepayment of interest and principal of existing borrowings of the company, the Power Finance Corporation (PFC) said. Up to 25 per cent of the proceeds will be spent for general corporate purposes, it said. The issue has AAA ratings from all three rating agencies. In 2022-23, PFC's revenue

Power Finance Corp raises up to Rs 6,100 cr via 20-month, 10-year bonds

Pricing at higher-yield level due to hardening of G-secs

Power Finance Corp provides Rs 9,187 cr finance to HPCL Rajasthan Refinery

State-owned Power Finance Corporation (PFC) on Thursday said it has provided Rs 9,187 crore finance to HPCL Rajasthan Refinery Ltd. This is the first project where PFC has extended its financial assistance to the refinery and petrochemical sector, a company statement said. PFC is extending its support in nation building not only through the power sector but also in the infrastructure segment, it stated. "PFC, a Maharatna company and India's leading NBFC in the power sector, has extended its financial assistance of Rs 9,187 crore to HPCL Rajasthan Refinery Ltd for its 9 MMTPA refinery-cum-petrochemical complex located at Barmer, Rajasthan," it said. HPCL Rajasthan Refinery Limited (HRRL) is setting up a green-field refinery-cum-petrochemical complex in Barmer district, Rajasthan, at a project cost of Rs 72,937 crore. On July 4, 2023 HRRL executed a loan agreement under a consortium arrangement for Rs 48,625 crore, wherein the share of PFC Ltd was Rs 9,187 crore. HRRL is a Joint Ve

Power Finance Corp Q4 profit rises 44% to Rs 6,128 cr on higher revenues

State-owned Power Finance Corporation (PFC) on Saturday posted an over 44 per cent jump in its consolidated net profit to Rs 6,128.63 crore in March quarter, mainly on the back of higher revenues. The consolidated net profit of the company was Rs 4,295.90 crore in the quarter ended on March 31, 2022, according to a BSE filing. Total income in the quarter rose to Rs 20,074.11 crore from Rs 18,873.55 crore in the same period a year ago. The consolidated net profit of the company in fiscal 2022-23 also increased to Rs 21,178.59 crore from Rs 18,768.21 crore in the previous financial year. In the fiscal, total income grew to Rs 77,625.19 crore as against Rs 76,344.92 crore in 2021-22. The company's board has recommended a final dividend Rs 4.50 per equity share on the face value of the paid-up equity shares of Rs 10 per share for FY 2022-23.

Power fluctuations

Discoms are doing better but red lights still flash

Discoms' losses shrink but debt remains high and liquidity crunch widens

Latest PFC report on Discoms' Health in 2021-22 shows progress on AT&C and payment disbursals

Vibrant Energy gets over Rs 2,200 cr for its 300MWac wind-solar projects

Vibrant Energy has tied up over Rs 2,200 crore of project financing from state-run Power Finance Corporation (PFC) to build 300 MWac wind-solar hybrid projects in Madhya Pradesh and Karnataka. Vibrant Energy (Vibrant), which develops corporate renewable energy solutions, in a statement said that the financing will stand out as one of the largest project financing deals in the Indian Renewables Industry in 2023. Srinivasan Viswanathan, CEO of Vibrant Energy, said that the company is hopeful of enabling more green energy solutions for corporate India.

Power Finance Corp board approves plans to raise Rs 80,000 cr in FY24

State-owned Power Finance Corporation (PFC) on Tuesday said its board has approved raising up to Rs 80,000 crore through various financial instruments. An amount of Rs 40,000 crore will be raised through long-term domestic borrowings, and another Rs 20,000 crore by way of long-term foreign currency borrowing, according to a filing. Besides, proposals have been approved for raising up to Rs 20,000 crore through short-term borrowings and commercial paper. The proposals approved are for raising fund during the financial year 2023-24, the company said. PFC, under the Power Ministry, is a leading non-banking financial company (NBFC).

Power Finance Corporation net profit rises 7% to Rs 5,241 cr in Dec quarter

State-owned Power Finance Corporation (PFC) on Monday posted a 7 per cent rise in its consolidated net profit at Rs 5,241.10 crore in the December quarter, mainly on the back of higher revenues. The consolidated net profit of the company was Rs 4,893.91 crore in the October-December quarter of FY22, according to a regulatory filing. Total income of the company increased to Rs 19,662.65 crore in the quarter under review from Rs 19,213.69 crore in the same period a year ago. The board also approved third interim dividend of Rs 3.50 per share, bringing the cumulative interim dividend for the financial year 2022-23 to Rs 8.75 per share. The consolidated loan asset book crossed Rs 8 lakh crore. The loan asset book as on December 31, 2022 stood at Rs 8,04,526 crore. The consolidated disbursements crossed Rs 1 lakh crore-mark at Rs 1,06,875 crore for the nine months period in FY23 (April-December 2022) and registered an increase of 28 per cent versus 9M'22 (April-December 2021). This ...

Power Finance Corporation surges 5% on heavy volumes; hits over 5-year high

In past six months, the stock has zoomed 51 per cent, as against 8 per cent gain in the S&P BSE Sensex.