PSUs

PFC’s net profit up 27% to ₹6,628 crore in Q2

By IndianMandarins- 09 Nov 2023
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New Delhi (09.11.2023): Power Finance Corporation (PFC) posted a nearly 27 per cent increase in its consolidated net profit to ₹6,628.17 crore in the July-September quarter compared to the corresponding period last year. The consolidated net profit of the company was ₹5,229.33 crore in the quarter ended on September 30, 2022.

Total income rose to ₹22,403.69 crore in the quarter from ₹19,344.39 crore in the same period a year ago. PFC Chairman and Managing Director Parminder Chopra said, "We have delivered another successful quarter for FY 2024 with a 28 per cent increase in profit vis-à-vis Q2’23, reflecting our inherent strengths.

She said, "In this quarter, our Board has declared an interim dividend of ₹4.50 per share." Till September 30, 2023, the PFC has sanctioned ₹70,499 crore and disbursed ₹31,508 crore under Late Payment Surcharge Scheme. Consolidated Loan Asset Book crossed ₹9 lakh crore mark and stood at ₹9,23,724 crore as of September 30, 2023, versus ₹7,71,119 crores as of September 30, 2022, registering an increase of 20 per cent.

Owing to continuous and active resolution efforts, consolidated net NPA reached below 1 per cent and is at 0.98 per cent in April-September 2023 from 1.27 per cent in April-September 2022. Gross NPA also declined significantly by 98 basis points from 4.38 per cent in H1’23 to 3.40 per cent in H1’24. PFC Group is the nodal agency for implementation of Late Payment Surcharge Rules. With the implementation of these rules, there has been more than 50% reduction in the legacy dues which were payable by Discoms to the Generation companies.

With the implementation of these rules, there has been more than 50 per cent reduction in the legacy dues which were payable by discoms to the generation companies. On a standalone basis, it recorded a 2.5 times jump in disbursements (of loans)- from ₹21,790 crore in H1’23 to ₹55,562 crore in H1’24. A substantial uptick in disbursements is driven by lending on the distribution front and towards renewable energy projects.

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