Power Finance Corporation

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.

PFC logs highest ever quarterly profit of Rs 5,229 cr on higher revenues

Power Finance Corporation (PFC) on Thursday posted its highest ever quarterly profit after tax of Rs 5,229.33 crore for September quarter 2022-23 mainly due to higher revenues. The consolidated profit is 4 per cent higher as compared to the year-ago period when it logged a profit of Rs 5,023.42 crore, it said in a BSE filing. Total income rose to Rs 19,344.39 crore from Rs 19,282.60 crore in the same period a year ago. The board in its meeting on Thursday also approved second interim dividend of Rs 3 per share of Rs 10 each for 2022-23. The PFC group delivered its highest ever consolidated profit after tax (PAT) of Rs 5,229 crore in Q2FY23, it said in a statement. The group reported a PAT of Rs 9,809 crore in April-September FY23 as against Rs 9,578 crore in the year-ago period. The consolidated net worth crossed Rs 1 lakh crore mark and stood at Rs 1,02,280 crore (including non-controlling interest) as on September 30, 2022. This is reflective of PFC group's strong fundamentals

State-owned NBFCs looking to tap into India's first sovereign green bonds

The finance ministry is yet to confirm their participation and draw broad contours of the bond issuance

PFC eyes new infra, net zero value chain: Chairman & MD R S Dhillon

'PFC and REC have sanctioned close to Rs 2 trillion covering 36 discoms', said Dhillon

Stocks to Watch: Infosys, Bharat Forge, JSW Steel, IRCTC, Ambuja Cements

Stocks to Watch: JSW Steel has signed a memorandum of understanding (MoU) with SMS group, a German engineering and technology company, for exploring decarbonisation projects

PFC's power drive flickering under record debt burden, govt scheme

The state-run financer for generators and distributors is struggling under a record debt burden even as it is being asked to underwrite the government's latest scheme to rescue inefficient discoms

RIL inches closer to acquiring Lanco Amarkantak with Rs 1,960 cr cash offer

If the deal goes through, it will be the third big-ticket acquisition by the Ambani firm under IBC

Power shocks: Discoms need transparency

Only transparent pricing and accounting will help the discoms recover their dues

PFC Q1 profit up marginally at Rs 4,580 cr; income falls 2% to Rs 18,544 cr

The board in its meeting held on Friday approved an interim dividend of Rs 2.25 per equity share of face value of Rs 10 each for 2022-23.

Financial deficit of power distribution sector at highest ever: PFC

Annual rating reveals absolute cash-adjusted losses increased by 10% in the sector between FY19 and FY21

Power Finance Corporation inks pact with JBIC for $220-million loan

"PFC has signed a loan agreement for JPY 30 Billion with Japan Bank for International Cooperation (JBIC) on 7th July, 2022," the company said in a statement

Power Finance Corporation inks loan pact with JBIC for JPY 30 bn

The funds would be used by PFC to finance its renewable energy portfolio

PFC Q4 net profit rises nearly 10% to Rs 4,295 crore on higher revenues

The consolidated net profit of the company was at Rs 3,906.05 crore in the year-ago period, a BSE filing showed

Power Finance Corp pays Rs 887 crore as interim dividend to govt for FY22

Power Finance Corporation on Friday said it has paid Rs 886.97 crore as an interim dividend to the government for the financial year 2021-22. This is in addition to Rs 333 crore and Rs 370 crore paid as first and second interim dividend, respectively, earlier, Power Finance Corporation (PFC) said in a statement. PFC CMD Ravinder Singh Dhillon presented the interim dividend RTGS (Real Time Gross Settlement) intimation advice of Rs 886.97 crore to Minister for Power, New & Renewable Energy RK Singh in the presence of the Power Secretary Alok Kumar and other senior ministry and company officials. The third interim dividend at a rate of Rs 6 per equity share of face value Rs 10 each was declared by the Board of Directors in its meeting held on February 11, 2022. "With this, PFC has so far paid interim dividends amounting to Rs 2,838 crore to its shareholders...for the financial year 2021-22, which is the highest ever dividend paid by PFC," it said.

PFC net profit rises nearly 24% to Rs 4,893 cr in December quarter

The company had reported a consolidated net profit of Rs 3,963.18 crore in the quarter ended December 2020, a BSE filing stated

Fresh setback for NARCL as two power NBFCs PFC and REC back out

Bad bank unlikely to take up any power assets in the first list

Govt accords 'Maharatna' status to Power Finance Corporation

An order to this effect was issued on Tuesday by the Department of Public Enterprises, under the Ministry of Finance.