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Mumbai, Oct. 27

Power Finance Corporation has posted a 94 per cent increase in net profit for the quarter ended September at Rs 637 crore against Rs 329 crore in the corresponding period last year. Operating income was up 26 per cent to Rs 2,002 crore from Rs 1,584 crore, while ‘other income’ also increased to Rs 43 crore from Rs 17 crore. Mr Satnam Singh, Chairman and Managing Director, told reporters that PFC would create two arms next fiscal. One would cater to consortium l ending (and could be spun off eventually), while the other would fund renewable energy projects. “In the first two quarters of this fiscal, we have committed nearly Rs 600 crore to renewable projects and hope to double this next year,” he said. The PFC scrip was down 0.18 per cent to Rs 227.40 on Tuesday.

– Our Bureau

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