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Pandemic fails to dent PFC performance: Net quarterly profit climbed to Rs 3,906 crores

By IndianMandarins- 16 Jun 2021
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New Delhi (16.06.2021): PFC continued to make strides in 4Q despite the Covid pandemic.

Its consolidated net profit in January-March 2021 quarter climbed to ₹3,906.05 crores (from ₹693.71 crores in the quarter ended March 31, 2020) on the back of higher revenues.

The total income of the company rose to ₹18,155.14 crores in the quarter from ₹16,254.65 crores in the same period a year ago.

The consolidated net profit in FY21 rose to ₹15,716.20 crores Versus ₹ 9,477.25 crores in FY20. Total income in the fiscal rose to r̥₹ 71,700.51 crores from ₹ 61,275.36 crores in 2019-20.

The board has recommended a final dividend of ₹ 2 per share on the face value of ₹10 per share for 2020-21. This is in addition to the ₹8 per share interim dividend for 2020-21 paid in March 2021.

About the pandemic, the company said that there will not be a significant impact of this outbreak on continuing its business operations, maintaining its financial position, and in its ability to continue as a going concern.

A PFC press release said that under the Aatmanirbhar discoms liquidity support announced by the Government of India, the PFC & its subsidiary REC combined together have so far sanctioned ₹1,34,782 crore and disbursed ₹78,855 crores.

 

R S Dhillon, the Chairman and Managing Director of PFC, said, "I am extremely pleased with our FY 21 results despite the many headwinds faced during the year. The impressive performance in FY21 as is evident from the highest ever profit underlines the inherent strengths of PFC in handling adverse economic events. Going forward also, we are committed to delivering long-term value to our shareholders."

On a consolidated basis, it recorded a reduction in consolidated net NPA (bad loans) ratio to 1.91 percent in FY21 from 3.57 percent in FY20 due to the resolution of stressed assets.

Besides, it also recorded a reduction in consolidated Gross NPA (nonperforming assets) ratio to 5.29 percent in FY21 from 7.36 percent in FY20 due to the resolution of stressed assets. It has also clocked the highest ever standalone net profit or profit after tax of Rs 8,444 crore in 2020-21, it stated.

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