PFC's Financial Performance Soars; Sandeep Kumar Appointed CFO

Power Finance Corporation (PFC) has announced a robust financial performance for the Jan-March quarter of the fiscal year 2023-24. The company's net profit surged to Rs 4,135 crore, representing an impressive 18.4% increase compared to the previous year. PFC's revenue also experienced substantial growth, reaching Rs 12,243.7 crore, a notable 20% rise during the same period.

Moreover, PFC declared a final dividend of Rs 2.50 per share for the financial year 2023-24, supplementing the interim dividends of Rs 11 that were distributed earlier in the year. The company's asset quality showed improvement in the fourth quarter, with net non-performing assets (NPAs) decreasing to 0.85% of total loans and gross NPAs dropping to 3.34%.

In a strategic move, Sandeep Kumar, who previously served as an Executive Director, has been appointed as the Chief Financial Officer of PFC with immediate effect, signaling a focus on strengthening the financial management of the company.

The latest financial results of Power Finance Corporation reflect a positive trajectory, with significant growth in both net profit and revenue. The company's commitment to enhancing asset quality and governance is evident through the reduction in NPAs. The appointment of Sandeep Kumar as the Chief Financial Officer underscores PFC's dedication to driving financial excellence. Investors and stakeholders can look forward to continued progress and stability from PFC in the upcoming quarters.