Power Finance Corporation net profit rises 7%

15 Feb 2023 CW Team

The state-owned Power Finance Corporation (PFC) increased its overall net profit by 7 per cent to Rs 52.41 billion in the December quarter, owing primarily to increasing sales.

According to a regulatory filing, the company's consolidated net profit in the October-December quarter of FY22 was Rs 48.93 billion.

The company's total income grew to Rs 196.62 billion in the quarter under review, up from Rs 192.13 billion in the same time last year.

The board also authorised the payment of a third interim dividend of Rs 3.50 per share, bringing the total interim dividend for fiscal year 2022-23 to Rs 8.75 per share.

The total loan asset book has surpassed Rs 8 trillion. The loan asset book stands at Rs 8,04,526 crore as of December 31, 2022.

Consolidated disbursements exceeded Rs 1 trillion for the nine-month period of FY23 (April-December 2022), representing a 28 per cent increase over 9M'22 (April-December 2021). According to a company release, this highlights the PFC group's strong business performance.

Because to synergies in the resolution of stressed assets, the Gross NPA (bad loan) ratio has fallen below 4 per cent, from 5.55 percent in 9M'22 to 3.91 percent in 9M'23.

The consolidated Net NPA (bad loan) ratio saw a 71 basis points reduction from 1.86 per cent in 9M'22 to 1.15 per cent in 9M'23. This is the lowest ever Net NPA ratio on consolidated basis, it stated.

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