PFC pays ₹2,033 cr interim dividend to Centre for FY24

livemint.com:

₹2,033 crore for FY24. A company statement said that on Wednesday it paid ₹554 crore to the government as the third interim dividend on equity shares held by the Union government for the recently ended fiscal. This is in addition to ₹832 crore and ₹647 crore paid as first and second interim dividend, respectively, to the government.

The third interim dividend at 30%— ₹3 per equity share of face value ₹10 each—was declared by the board of directors in its meeting held on 11 March 2024. “With this, PFC has so far paid interim dividends amounting to ₹3,630 crore to its shareholders @110% i.e. ₹11 per equity share of the face value of ₹10 each for the financial year 2023-24, which is the highest ever interim dividend paid by PFC," the statement said.

For the third quarter of FY24, the power sector focussed NBFC reported a 5.3% increase in its consolidated net profit at ₹6,628.17 crore. Its revenue from operations during the quarter under review stood at ₹22,391.00 crore. PFC has of late diversified into newer areas like infrastructure and airport financing apart from giving a boost to both thermal and renewable energy generation.

In February, the state-run company signed a memorandum of understanding (MoU) with the Goa government to fund the state’s green energy ambitions through a blended finance facility. Under the MoU, PFC will provide financial support for Goa’s pivotal climate-related projects. These include initiatives in renewable energy, green hydrogen, electric vehicles, converting waste to wealth, and nature-based solutions, all contributing to an energy transition.