Power Finance Corporation has stopped using the services of S&P Global Ratings (S&P) effective from 24 June 2020 and accordingly, the Company's rating of PFC will now be done by the other two existing Rating Agencies i.e. Fitch and Moody's.

Also, PFC has replaced S&P with Moody's as the rating agency for its USD 400 MN Green Bonds (issued on 6 December 2017 & maturing on 6 December 2027) bearing ISIN XS1725342288.

Moody's has assigned Baa3 rating to these bonds on 24 June 2020.

Fitch and Moody's are now the rating agencies for above mentioned bond issuance.

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Consolidated profit before tax stood at Rs 1575.89 crore in Q4 March 2020, tumbling 65.6% from Rs 4580.74 posted in Q4 March 2019. Total tax expense fell 25.83% to Rs 882.18 crore in Q4 March 2020 as against Rs 1189.47 crore in Q4 March 2019.

The drop in net profit is primarily due to foreign exchange loss of Rs 3,084.78 crore in Q4 March 2020 compared with a gain of Rs 160.23 crore in the year-ago period.

In the year ended March 2020, PFC reported loan sanctions of Rs 1 lakh crore and loan disbursements of Rs about Rs 68,000 crore.

The company in notes to accounts said that the impact of COVID-19 outbreak will not be significant on its business and financial position. The result was announced on Wednesday (24 June).

Shares of PFC were up 3.01% at Rs 90.55. The stock declined 1.46% to Rs 87.90 on Wednesday.

PFC is a leading power sector public financial institution and a non-banking financial company providing fund and non-fund based support for the development of the Indian power sector.

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Net profit of Power Finance Corporation declined 83.23% to Rs 469.20 crore in the quarter ended March 2020 as against Rs 2797.95 crore during the previous quarter ended March 2019. Sales rose 13.12% to Rs 16126.66 crore in the quarter ended March 2020 as against Rs 14256.30 crore during the previous quarter ended March 2019.

For the full year,net profit declined 28.21% to Rs 7122.13 crore in the year ended March 2020 as against Rs 9920.86 crore during the previous year ended March 2019. Sales rose 14.88% to Rs 61895.91 crore in the year ended March 2020 as against Rs 53878.15 crore during the previous year ended March 2019.

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Net profit of Power Finance Corporation declined 32.23% to Rs 1435.00 crore in the quarter ended March 2020 as against Rs 2117.56 crore during the previous quarter ended March 2019. Sales rose 24.16% to Rs 9552.38 crore in the quarter ended March 2020 as against Rs 7693.34 crore during the previous quarter ended March 2019.

For the full year,net profit declined 18.67% to Rs 5655.14 crore in the year ended March 2020 as against Rs 6952.92 crore during the previous year ended March 2019. Sales rose 16.05% to Rs 33362.90 crore in the year ended March 2020 as against Rs 28748.73 crore during the previous year ended March 2019.

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