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PFC net at Rs. 1601 cr.

By Our Special Correspondent

<167,4.3p,1>NEW DELHI, APRIL 1. The Power Finance Corporation today announced that it registered a 37 per cent jump in net profit at Rs. 1,601 crores in 2003-04 mainly due to adoption of new accounting norms.

Admitting that the profit would have been lower by Rs. 300 crores had the company not adopted the new accounting norms, the Chairman and Managing Director, A. A. Khan, told mediapersons while announcing the financial results that PFC's net profit rose by Rs. 429 crores during the year from Rs. 1,172 crores last fiscal.

The corporation switched to calculating income on an accrual basis from cash basis starting April 2003. The profit also rose due to increase in income by 20 per cent.

Mr. Khan said that disbursements climbed 22 per cent during the period to Rs. 8974 crore as against Rs. 7338 crore during the year-ago period. Similarly sanctions went up 17.8 per cent to Rs. 16472 crore as compared to Rs. 14001 crore over the same period. PWC also maintained the recovery rate flat at 99 per cent.

During the year it increased its market borrowings to Rs. 8147 crore from Rs. 7002 crore. Income stood at Rs 3588 crores. It sanctioned loans to 15 private power producers amounting to Rs. 995 crore including Gautami power project, Aban power and JSW power.

He said that PFC has asked the Government to earmark up to 50 per cent of dividend from power sector PSUs for building the corpus for the Rs. 7,000 crore India Power Fund, launched earlier this year.

IPF, which is being funded through initial contributions from PFC, is targeting to raise around Rs 7,000 crores over the next 8-9 years to pick up last mile equity in power projects. Road shows for raising the corpus would be kicked off from April 5 in Delhi..

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