PFC Q4 net profit down nearly 80 pc to `693.7 cr

Power Finance Corporation on Wednesday reported about 80% decline in consolidated net profit at a Rs 693.71 crore for the quarter ended March 2020, mainly due to transaction exchange loss.

The company had posted a consolidated net profit of Rs 3,391.27 crore in the quarter ended March 31, 2019, a regulatory filing said.Total income during the quarter under review rose to Rs 16,254.65 crore from Rs 14,387.92 crore in the year-ago quarter. For fiscal year 2019-20, consolidated net profit declined to Rs 9,477.24 crore from Rs 12,640.27 crore in 2018-19.However, total income in 2019-20 rose to Rs 62,275.36 crore from Rs 54,156.83 crore in 2018-19.The drop in net profit is primarily due to transaction (foreign) exchange loss of Rs 3,084.78 crore for the quarter ended March 31 as compared with a gain of Rs 160.23 crore in the year-ago period, it said.