PFC Registers 1.24% Net Profit Growth

New Delhi: Power Finance Corporation (PFC) on April 23, registered 1.24 per cent growth in net profit to Rs 983 crore for 2006-07, compared to Rs 971 crore during the previous year. Total income increased by 25.51 per cent to Rs 3,926 crore (Rs 3,128 crore). PFC, which recently tapped the capital market with an IPO that raised Rs 997 crore, plans to borrow about Rs 17,000 crore during the current fiscal from domestic and overseas markets. During the current year, around Rs 9,000 crore will be mop up via bonds, while nearly Rs 3,500 crore would come from short-term borrowings. The rest would come from medium-term borrowings and foreign currency loans, said Mr Satnam Singh, Director (Finance). PFC disbursed around Rs 14,055 crore (Rs 11,681 crore). The company, which is being actively considered for Navratna status, has reported recovery rate of over 99 per cent during the fiscal gone by, in line with the trend during the previous years. Financing of State sector projects will continue to remain the mainstay of the company.