 "PFC logs highest ever quarterly profit of Rs 5,229 cr on higher revenues")
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Power Finance Corporation (PFC) on Thursday posted its highest ever quarterly profit after tax of Rs 5,229.33 crore for September quarter 2022-23 mainly due to higher revenues.
The consolidated profit is 4 per cent higher as compared to the year-ago period when it logged a profit of Rs 5,023.42 crore, it said in a BSE filing.
Total income rose to Rs 19,344.39 crore from Rs 19,282.60 crore in the same period a year ago.
The board in its meeting on Thursday also approved second interim dividend of Rs 3 per share of Rs 10 each for 2022-23.
The PFC group delivered its highest ever consolidated profit after tax (PAT) of Rs 5,229 crore in Q2FY23, it said in a statement.
The group reported a PAT of Rs 9,809 crore in April-September FY23 as against Rs 9,578 crore in the year-ago period.
The consolidated net worth crossed Rs 1 lakh crore mark and stood at Rs 1,02,280 crore (including non-controlling interest) as on September 30, 2022. This is reflective of PFC group's strong fundamentals and would help in leveraging future business opportunities, it stated.
The synergies in resolution of stressed assets led to a sharp reduction of 79 basis points in gross NPA (bad loan) ratio. Gross NPA came down from 5.17 per cent in April-September 2021-22 to 4.38 per cent in the six-month period of ongoing fiscal year.
Net NPA ratio too saw 45 basis points reduction. It came down from 1.72 per cent in first half of 2021-22 to 1.27 per cent in April-September 2022-23. This is the lowest ever net NPA ratio.
Under the late payment surcharge scheme, till date, the PFC group has collectively sanctioned Rs 1,00,303 crore to 15 discoms in 10 states and so far has disbursed Rs 13,307 crore.
PFC group can now lend to infrastructure and logistics sectors, implying a positive opportunity for the group to diversify its businesses.
To start with, lending up to 30 per cent of net worth has been permitted by Ministry of Power, it stated.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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