PFC stock trades 2% higher on Q2FY24 results; net profit up 27%

PFC reported revenue for Q2FY24 at Rs 22,391 crore up from Rs 19,336 crore in the previous fiscal.

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Shares of Power Finance Corporation (PFC)  gained 2 percent at open on November 9, a day after the State-owned lender posted a nearly 27 percent year-on-year increase in net profit for Q2FY24. At 9:20 am, the stock was trading at Rs 269.35.

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In a regulatory filing on November 8, PFC, reported at Q2FY24 net profit of Rs 6,628.17 crore for the quarter ending September 2023. Revenue for the same period was Rs 22,391 crore, up from  Rs 19,336 crore in the previous fiscal.

Also read: PFC to diversify into infra financing, but power, energy transition to remain core: CMD

In an interview with Moneycontrol in July 2023, Parminder Chopra, CMD, PFC said that while PFC’s focus area is the development of the power sector, specifically renewable energy and the energy transition but it will also be looking at newer areas for lending as well. “We are talking of hydrogen, offshore wind, battery storage, and pumped storage; we are looking forward to financing all these technologies. We want to partner in the energy transition. From a lender’s perspective, our prime focus will be on the viability of the project and the return of our principal. Will be appraising the project and will go ahead and fund those we find suitable, she said.

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