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PFS Q1 net profit rises 17% at Rs 79 cr

Press Trust of India  |  New Delhi 

Financial Services Ltd (PFS) today reported a rise of 17.4 per cent in net profit at Rs 79.21 crore in the first quarter ended June 30, 2017.

The company had registered a net profit of Rs 67.45 crore in the April-June quarter of previous fiscal.

Total from operations increased to Rs 300.64 crore during the quarter under review, as against Rs 271.27 crore in the same period year earlier.

Interest in first quarter of 2017-18 grew by 12 per cent to Rs 283 crore as compared to Rs 252 crore in FY17 despite reduction in yield by 6 per cent, a company statement said.

Company's financing cost during the period reduced by 9 per cent. However, fee based for June quarter stood at Rs 16 crore.

"While the margins continue to remain under pressure, the company continues to focus on bringing own its overall cost of funds. The company is committed towards the resolution of NPAs and standard restructured assets through various measures for crystallisation in coming quarters," Managing Director and CEO Ashok Haldia said.

PFS sanctioned debt assistance of Rs 643 crore during June quarter.

The outstanding credit i.E. Aggregate of loan assets and non-fund based commitment against sanctioned loans grew by 32 per cent to Rs 12,553 crore as on 30th June 2017 as compared to Rs 9,536 crore as on 30th June 2016.

Shares of PFS closed 2.37 per cent down at Rs 39.15 on BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 09 2017. 20:32 IST