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State-run Power Finance Corp today posted over 37 per cent jump in net profit to INR 1,534.31 crore for the October-December period of this fiscal and announced an interim dividend of INR 856.24 crore to the government.

The company had reported a net profit of INR 1,117.10 crore during the same period last year (2012-13), Power Finance Corporation said in a regulatory filing. The board of directors declared and approved the payment of interim dividend of INR 8.80 per share on the face value of paid-up equity shares of INR 10 each for 2013-14. At current market price, the dividend amounts to INR 1,162 crore, of which INR 856.24 crore will go to the central government, which holds 73.71 per cent stake in the firm. The dividend on equity shares will be paid on February 17, 2014, the company said.

Total income of the company grew to INR 5,539.23 crore during the period under review as compared to INR 4,465.37 crore in the corresponding period of the last financial year (2012-13). Power Finance Corporation's other income increased to INR 8 crore during the period from INR 82 lakh in the previous quarter. Power Finance Corporation is engaged in financing power generation, transmission and distribution projects.

The loan sanctions (excluding sanctions under R-APDRP scheme) for the current quarter increased by 36 per cent to INR 24,629 crore from INR 18,144 crore. The major projects sanctioned during the quarter include INR 4,555 crore to 800 MW and INR 3,746 crore to 660 MW thermal power stations of A P Power Generation Corporation. Shares of the company closed at INR 138 apiece, up 4.59 per cent .

Source-On Request