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State-run Power Finance Corporation reported a 12 per cent dip in consolidated net profit at ₹3,386.72 crore in the December quarter. The company’s net profit stood at ₹3,876.17 crore in the year-ago quarter.
Total income rose to ₹15,878.04 crore during October-December 2019 from ₹14,050.95 crore a year ago.
During April-December, consolidated net profit was at Rs 8,783.55 crore as compared with Rs 9,249.01 crore during the year-ago quarter.
Its consolidated net profit stood at Rs 12,640.27 crore in 2018-19.
The company’s board also approved an interim dividend of ₹9.50 per equity share for 2019-20.
It has fixed March 2, 2020 as the ‘Record Date’ for ascertaining eligibility of shareholders for payment of interim dividend.
The board has fixed the company’s borrowing limit at Rs 90,000 crore for 2020-21, which includes ₹55,000 long-term borrowing like term loans, bonds.
Besides, the company can also raise ₹15,000 crore through long term foreign currency bonds, ₹ 5,000 crore via short term borrowings and ₹15,000 crore via commercial papers.
The company has revised the borrowing limit for 2019-20 fiscal year to ₹1 lakh crore. Last year in March, the company had set a borrowing limit of ₹81,000 crore for the current financial year.
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