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Power Finance Corporation Limited has reported a net profit of ₹ 2117.56 crore for the fourth quarter ended March 31, 2019. This represents a 165.96 per cent increase over the net profit of ₹ 796.35 crore recorded in same quarter of the previous financial year.
Total income during the quarter under review rose to ₹ 7702.64 crore from ₹ 6254.96 crore.
“The company was creating impairment loss allowance till quarter ending December 31, 2018 on Stage 1 and Stage 2 loan assets at higher of expected credit loss as per Ind AS or as per RBI prudential norms. Now the company has aligned the impairment loss allowance on loan assets solely as per the requirement of Ind AS resulting in reduction of cumulative impairment loss allowance for the quarter and year ending March 31, 2019 and consequent increase in profit after tax by ₹ 268.61 crore,” a company statement said.
On a consolidated basis, in financial year 2018-2019, the total income was ₹ 54156.83 crore as against the total income of ₹ 48645.42 crore during the previous year. For the PFC Group, net profit for financial year 2018-2019 was ₹ 12640.27 crore as compared to ₹ 8796.69 crore in the previous year.
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