Must Read
PFC clocks 13 per cent increase in PAT at Rs 21,179 cr for FY 2023
By IndianMandarins- 28 May 2023
531New Delhi (28.05.2023): Power Finance Corporation (PFC)
clocked the highest PAT (profit after tax) with a 13 per cent increase from Rs
18,768 crore in FY22 to Rs 21,179 crore in FY'23.'' As on March 31, 2023, the
consolidated net worth of company increased to Rs 1,11,981 crore from Rs 96,275
crore as on March 31, 2022. Consolidated loan asset book grew by 13 per cent to Rs
8,57,500 crore in FY23 over Rs 7,58,496 crore in FY22. In FY23, PFC Group has
collectively sanctioned Rs 1,05,566 crore and disbursed Rs 32,909 crore under
Late Payment Surcharge (LPS) rules. The government launched LPS in June 2022 to reduce the
mounting dues of discoms (power distribution companies) and in less than a year
of its introduction, the outstanding dues of discoms to gencos (power
generating companies) have reduced by more than 40 per cent. PFC chairman and managing director R S Dhillon said ''The
power sector is displaying signs of improvement. AT&C losses have reduced
from 19.90 per cent in FY20 to 16.50 per cent in FY22. These improvements can
be attributed to the release of outstanding subsidies, clearance of government
department dues, and the timely issuance of tariff orders.'' PFC Director Finance Parminder Chopra said ''We surpassed
our own records in FY23. This outstanding achievement is a testament to our
unwavering commitment to excellence and it sets a solid foundation for our
future endeavours.'' PFC has posted a 42.66 per cent jump in its consolidated net
profit at Rs 6,128.63 crore during March FY23 quarter, helped by higher income.
It had clocked Rs 4,295.90 crore net profit from ''continuing and discontinued
operations'' in January-March quarter of preceding financial year (FY) 2021-22,
the company said in a regulatory filing on Saturday. Total income increased to
Rs 20,074.11 crore from Rs 18,873.55 crore in the year-ago quarter, registering
a year-on-year (y-o-y) rise of 6 per cent. The Net NPA ratio reached its lowest levels in the last 6
years, almost touching 1%. The Net NPA ratio for FY'23 stood at 1.07%, a
decrease of 69 basis points from 1.76% in FY'22. In FY 23, PFC has sanctioned
Rs.47,906 cr. and disbursed Rs.16,764 cr. to Discoms for clearance of dues
under the Late Payment Surcharge (LPS) Rules. To facilitate future business
growth, PFC has signed MoUs worth over Rs.90,000 cr. with various state
agencies in FY 22-23.
Readers' Choice
IPS officer writes to “Sarkar” seeking “Car” at par; flags a discriminatory regime
Gujarat: A major reshuffle of IPS enacted
Ex IAS officer joins BJP; to be fielded against Harsimrat Badal
ECI rejects proposal to appoint Saunik as CS; extension for Kareer sought
Saunik top contender for Maha CS; Kareer to retire on March 31
PFC clocks 13 per cent increase in PAT at Rs 21,179 cr for FY 2023
By IndianMandarins - 2023-05-28 17:02:00
New Delhi (28.05.2023): Power Finance Corporation (PFC)
clocked the highest PAT (profit after tax) with a 13 per cent increase from Rs
18,768 crore in FY22 to Rs 21,179 crore in FY'23.'' As on March 31, 2023, the
consolidated net worth of company increased to Rs 1,11,981 crore from Rs 96,275
crore as on March 31, 2022.
Consolidated loan asset book grew by 13 per cent to Rs 8,57,500 crore in FY23 over Rs 7,58,496 crore in FY22. In FY23, PFC Group has collectively sanctioned Rs 1,05,566 crore and disbursed Rs 32,909 crore under Late Payment Surcharge (LPS) rules.
The government launched LPS in June 2022 to reduce the mounting dues of discoms (power distribution companies) and in less than a year of its introduction, the outstanding dues of discoms to gencos (power generating companies) have reduced by more than 40 per cent.
PFC chairman and managing director R S Dhillon said ''The power sector is displaying signs of improvement. AT&C losses have reduced from 19.90 per cent in FY20 to 16.50 per cent in FY22. These improvements can be attributed to the release of outstanding subsidies, clearance of government department dues, and the timely issuance of tariff orders.''
PFC Director Finance Parminder Chopra said ''We surpassed our own records in FY23. This outstanding achievement is a testament to our unwavering commitment to excellence and it sets a solid foundation for our future endeavours.''
PFC has posted a 42.66 per cent jump in its consolidated net profit at Rs 6,128.63 crore during March FY23 quarter, helped by higher income. It had clocked Rs 4,295.90 crore net profit from ''continuing and discontinued operations'' in January-March quarter of preceding financial year (FY) 2021-22, the company said in a regulatory filing on Saturday. Total income increased to Rs 20,074.11 crore from Rs 18,873.55 crore in the year-ago quarter, registering a year-on-year (y-o-y) rise of 6 per cent.
The Net NPA ratio reached its lowest levels in the last 6 years, almost touching 1%. The Net NPA ratio for FY'23 stood at 1.07%, a decrease of 69 basis points from 1.76% in FY'22. In FY 23, PFC has sanctioned Rs.47,906 cr. and disbursed Rs.16,764 cr. to Discoms for clearance of dues under the Late Payment Surcharge (LPS) Rules. To facilitate future business growth, PFC has signed MoUs worth over Rs.90,000 cr. with various state agencies in FY 22-23.
