PFC's Q1FY24 Net Profit Soars 30.6%, Bonus Shares Recommended

14 Aug 2023 , 09:57 AM

Power Finance Corporation Ltd (PFC) records a remarkable 30.6% YoY increase in consolidated net profit for Q1FY24, reaching Rs 5,982.14 crore, compared to Rs 4,579.53 crore in Q1FY23.

Sequentially, net profit witnesses a minor decline of 2.4% from the previous quarter, totaling Rs 6,128.63 crore in Q4FY23.  The company’s total consolidated revenue from operations grows by 13.3% YoY, achieving Rs 20,992.49 crores in Q1FY24, in contrast to Rs 18,532.25 crore in Q1FY23.

PFC’s board of directors recommends issuing bonus shares in a ratio of 1:4, distributing one bonus equity share of Rs 10 each, fully paid up, for every four existing fully paid-up shares of Rs 10 each.

Bonus equity shares will be issued by capitalizing an amount not exceeding Rs 660,02,03,520/- from the ‘Securities Premium Account’, as reported in the official exchange filing. Decision to defer the declaration of interim dividends for FY 2023-24 signals strategic financial considerations amid the company’s growth trajectory.

PFC’s Q1FY24 results underscore its commitment to growth and value creation, solidifying its position as a key player in the power finance sector.

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