Power Finance Corp grows 22% in Q1new delhinew delhi

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Power Finance Corp grows 22% in Q1new delhinew delhi

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Power Finance Corp grows 22% in Q1new delhinew delhi

The Power Finance Corporation posted loan growth of 13% this quarter with loan assets at Rs 2,84,848 crs as against Rs 2,52,746 crs in Q1 of previous year.

It continue to make efforts in refinancing commissioned projects and financing green field renewable projects. These efforts had already led to strong disbursements in FY 2017-18.

On profitability front, Corporation’s profit in Q1 FY18-19 has shown a growth of 22% with profit at Rs 1,373Crs as against Rs 1,122 crs profit in Q1FY17-18 based on Ind-AS reporting. Its Q1 spread is 2.49% as against spread of 2.65% in previous quarter i.e. Q4 of FY2017-18. The fall in spread is due to increase in refinancing and renewable business with lower spreads andcompetitive pressures.