Power Finance Corporation Surges as Q2FY24 Net Profit Soars by 27%

Power Finance Corporation (PFC) witnessed a remarkable 5 percent gain at the opening of the market on November 9, following its impressive performance in Q2FY24.

The State-owned lender reported a significant year-on-year increase in net profit, reaching Rs 6,628.17 crore for the quarter ending September 2023.

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This noteworthy achievement drove the stock price up, with PFC shares trading at ₹277.65, marking a 5.35% surge on the National Stock Exchange (NSE) at 10:40 am.

The company’s robust financials were underscored by its Q2FY24 revenue, which stood at Rs 22,391 crore, a substantial rise from the previous fiscal year’s Rs 19,336 crore. PFC’s stellar performance in the second quarter resonated positively with investors, propelling the stock to new heights in early trading, and reflecting the market’s confidence in the company’s financial strength.