Power Finance Corporation on Tuesday posted an over 22 per cent jump in its standalone net profit to Rs 1,373.26 crore in the quarter ended June 30, on the back of higher revenues and lower impairment allowance on financial instruments.
The company’s net profit in the quarter ended June 30, 2017 stood at Rs 1,122.43 crore, the company said in a BSE filing. According to the filing, the company’s total revenues rose to Rs 7,027.50 crore in the quarter, compared to Rs 6,728.60 crore in the year-ago period.
It has provided Rs 2.34 crore toward impairment allowance on financial instruments in the quarter, which is lower than Rs 1,095.10 crore a year ago. The company’s primary business is to provide finance to the power sector.