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PFC continues with Higher net worth and PAT in Q3/9M’24

CMD Parminder Kaur visualizes GOI’s Suryodaya Yojana, as additional financing and lending opportunity for Clean Energy initiative

New Delhi: Power Sector Maharatna PFC has upped its growth momentum in the 3rd quarter of FY’24 and nine months period of current fiscal. It has registered a growth of 26% in Profit After Tax (PAT) and consolidated net worth up by 20%.  With 19% growth in consolidated loan asset book from 8,04,526  Cr. to 9,54,483  Cr. as on Dec. 31, 2023 related to same period last year (i.e., Dec. ’22).

Company’s CMD  Ms. Parminder Chopra  expressed a  jubilant sentiment over increased growth momentum, as she holds the additional charge of Director(Finance).

Ms Chopra said, “I am happy to share that we have been declaring all time high profits period on period. We have achieved 26% Y-o-Y jump in 9M’24 Profit After Tax coupled with impressive double digit loan growth of 16%. This further underscores our commitment to consistent performance. This New Year brings along with it fresh possibilities for PFC. With RBI approval received in early January this year, we are excited to venture into IFSC GIFT City by establishing our wholly owned subsidiary. This is a historic milestone for PFC. This strategic decision will expand our business horizon and help in taking PFC brand global.”

Plus, we are excited to support the government’s recently announced Suryodaya Yojana, where the target is to have one crore residential rooftop solar. This initiative will not only empower individuals with clean energy but also create additional lending opportunities for PFC across the entire solar value chain, including equipment manufacturing. This initiative will enhance our growth prospects in the coming years while aligning with the GoI’s vision for making India self-reliant in the energy sector.

Consolidated Financial Highlights are as under:

  • PFC Group reported PAT of Rs. 18,905 crores in 9M’24 vis-à-vis Rs. 15,050 crores in 9M’23, an increase of 26%.
  • Consolidated Net worth (including non-controlling interest) increased by 20% from Rs. 1,06,143 crores as on 31.12.2022 to Rs. 1,27,841 crores as on 31.12.2023
  • 19% growth registered in consolidated loan asset book from Rs. 8,04,526 crores as on 31.12.2022 to Rs. 9,54,483 crores as on 31.12.2023
  • Owing to concentrated resolution efforts, consolidated Net NPA has reached its lowest level at 0.86% in 9M’24 from 1.15% in 9M’23. Gross NPA also declined significantly by 78 bps from 3.91% in 9M’23 to 3.13% in 9M’24.
  • PFC Group is the nodal agency for implementation of Late Payment Surcharge Rules. With the implementation of these rules, there has been more than 60% reduction in the legacy dues which werepfc payable by Discoms to the Generation companies. Under this, till date, PFC group has cumulatively disbursed Rs. 74,073 crores.
  • Stand Alone Financial Highlights
  • 26% notable increase registered in Standalone Profit After Tax from Rs. 8,113 crores in 9M’23 to Rs. 10,232 crores in 9M’24.
  • 12% increase in Stand alone Profit After Tax from Rs. 3,005 crores in Q3’23 to Rs. 3,377 crores in Q3’24.
  • In Q3’24, PFC board declared an interim dividend of Rs.3.5 per share, bringing the cumulative interim dividend to Rs. 8 per share
  • 7 times impressive increase in disbursements-from Rs. 46,968 crores in 9M’23 to Rs. 79,049 crores in 9M’24, driven by disbursements in distribution sector and renewable energy sector.
  • Double-digit growth of 16% witnessed in loan asset book- from Rs. 3,93,387 crores as on 31.12.2022 to Rs.4,57,027 crores as on 31.12.2023.
  • CRAR as on 31st December, 2023 is at 26.86%, with Tier 1 capital at 24.28%. PFC continues to have comfortable capital adequacy levels.
  • 18% increase in net worth from Rs. 65,289 crores as on 31.12.2022 to Rs. 76,780 crores as on 31.12.2023.
  • In Q3’24, PFC successfully reached resolution in Dans Energy loan of Rs. 413 crores. With this, PFC’s Net NPA ratio reaches below 1% and is at 0.90%- the lowest level in last 6 years.
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