PFS reports 91% jump in Q4 profit to Rs 46.36 cr

Company had reported profit after tax of Rs 24.23 crore in the corresponding quarter in 2012-13

PTC India Financial Services (PFS) today reported a whopping 91% jump in its profit after tax at Rs 46.36 crore for the fourth quarter ended March 31, 2014.

It also announced that it will set up an asset management company as a subsidiary.

PFC had reported profit after tax of Rs 24.23 crore in the corresponding quarter in 2012-13, PFS said in a statement.

The total revenue for the period under review increased by 94% to Rs 149.44 crore compared to Rs 77.07 crore in the same period last fiscal.

The board recommended a dividend of Re 1 per share of Rs 10 each for FY 2014.

"We are delighted to share that the Board of Directors has approved setting up of an asset management company as a subsidiary company of PFS," the statement added.

"PFS is pleased to announce a healthy set of numbers for FY 2014. For the year gone by, PFS earned a net profit of Rs 207.72 crore. PFS is happy to report that it continues to have NIL Net NPAs (Non Performing Assets) in its books amid a challenging environment in the macro economy," it said.

The Board has also decided to recommend increase in the authorized capital of the company from Rs 1,000 crore to Rs 2,000 crore.

The total revenue for FY 2014 increased by 91% to Rs 546.16 crore compared to Rs 286.52 crore in FY 2013.

The total debt sanctioned by the company as on March 31, 2014 is Rs 10,303 crore.

PFS is a non-banking finance company promoted by PTC India Limited. It has been granted the status of an infrastructure finance company by the Reserve Bank of India.