Buy Power Finance Corporation, target price Rs 148: ICICI Direct

ICICI Direct has buy call on Power Finance Corporation with a target price of Rs 148. The current market price of Power Finance Corporation is Rs 144.75. Time period given by analyst is Intra Day when Power Finance Corporation price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 143.7.

Power Finance Corporation, incorporated in the year 1986, is a Large Cap company (having a market cap of Rs 38413.18 Crore) operating in Term Lending Institutions sector.

Power Finance Corporation key Products/Revenue Segments include Interest, Dividend and Fees & Commission Income for the year ending 31-Mar-2022.

Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 19344.39 Crore, up 4.32 % from last quarter Total Income of Rs 18544.04 Crore and up .32 % from last year same quarter Total Income of Rs 19282.60 Crore. Company has reported net profit after tax of Rs 5229.33 Crore in latest quarter.

The company’s top management includes Mr.Ravinder Singh Dhillon, Mrs.Parminder Chopra, Mr.Rajiv Ranjan Jha, Mr.Manoj Sharma, Mr.Prasanna Tantri, Mr.Bhaskar Bhattacharya, Mrs.Usha Sajeev Nair, Mr.Ajay Tewari. Company has Dass Gupta & Associates as its auditors. As on 30-06-2022, the company has a total of 264 Crore shares outstanding.

Investment Rationale
Price rebounding after taking support at lower band of rising channel, signaling further upsides in coming sessions.

Promoter/FII Holdings
Promoters held 55.99 per cent stake in the company as of 30-Jun-2022, while FIIs owned 16.21 per cent, DIIs 12.74 per cent.