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PFC reports 25% rise in its net profit to Rs 26,461 cr

By IndianMandarins- 15 May 2024
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New Delhi (15.05.2024): Power Finance Corp (PFC) today reported a 25% increase in its net profit for financial year 2023-24 (FY24), reaching Rs 26,461 crore, compared to Rs 21,179 crore in FY23. Balance sheet of the PFC crossed Rs 10 trillion mark in FY 2024, currently standing at Rs 10.39 trillion. Additionally, its net NPA reached its lowest level at 0.85% in FY24, down from 1.03% in FY 2023.
During January-March quarter of FY24, PFC's consolidated net profit rose by 23.29% to Rs 7,556.43 crore, up from Rs 6,128.63 crore in the corresponding period of FY23. The company reported revenue from operations of Rs 24,141.40 crore, a 20.34% increase year-on-year. Commenting on the financial performance, PFC chairperson and managing director Parminder Chopra said the strong results were backed by a 14% growth in the loan portfolio while maintaining strong asset quality.
"Maximizing shareholder value remains a priority. Today, the final dividend of Rs 2.50 per share has been proposed by the Board. With this, the total dividend for FY 2024 would be Rs 13.50 per share," Chopra said. Emphasizing PFC's leadership in India's clean energy push, Chopra said, "Our renewable loan portfolio grew 25% year-on-year to over ₹60,000 crore, solidifying our position as the leading renewable lender in India."
Looking ahead, PFC sees growth opportunities in both the power and infrastructure sectors. The company has diversified into newer areas, including financing infrastructure and airports, while boosting both thermal and renewable energy power sectors.

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