State-run power enterprise, Power Finance Corporation Limited (PFC), has registered a growth of 17.56% in its net profit for the first quarter (Q1) of the current fiscal ended June 30, 2010. The unaudited net profit of the company stood at Rs 652.35 crore, against the Rs 554.91 recorded during the same period of the previous fiscal. The total income of the company, during the April-June quarter, has also increased, from Rs 1,892.92 crore, to Rs 2,417.54 crore, registering a growth of, approximately, 27%.PFC is the nodal agency for the execution of ultra mega power projects (UMPP) in the country. It has, so far, awarded four UMPPs and is in the process of awarding three more in the current fiscal. Incorporated in July 1986, PFC provides a large range of financial products and services, like project term loans, lease financing, direct discounting of bills, short term loan and consultancy services, to various power projects in the generation, transmission and distribution segments, as well as for renovation and modernization of existing power projects, apart from facilitating the development of the UMPPs.
PFC raises funds from the domestic market through various debt instruments such as bonds, Rupee term loans (RTL) from banks and financial institutions, short term loans and foreign currency non residential bank loans from banks, commercial paper and from the international market through external commercial borrowings and lines of credit from various multilateral and bilateral lending agencies. To fund various power sector schemes, PFC is planning to now raise Rs 30,000 crore through the issue of bonds and other financial instruments.
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