PTC India Financial Services posts multi-fold rise in FY22 net to Rs 129 cr

PTC India Financial Services (PFS) on Thursday reported a multifold jump in its net profit to Rs 129.98 crore for the fiscal year ended in March 2022 compared to Rs 25.60 crore for 2020-21.

In delayed earnings announcement, the non-banking finance company, promoted by PTC India, said it is now positioned to focus on growth and performance.

"Forensic audit report has no findings of fraud or diversion of funds or material financial impact on the financials of the company," it said in a release.

Capital adequacy ratio for the quarter ended March 2022 stood at 26.71 per cent hereby providing strong cushion for growth and expansion, it said.

Total income stood at Rs 968.74 crore in FY22, down by 15 per cent from year ago's Rs 1,139.45 crore.

While, the net interest income (NII) for FY22 stood at Rs 344.92 crore compared to Rs 353.74 crore in FY21.

The aggregate loan assets and non-fund based commitments against sanctioned loans, stood at Rs 8,686 crore at end of March 2022. Loan assets aggregated to Rs 8,650 crore and outstanding non-fund-based commitments were at Rs 36 crore.

"We have worked through all the challenges with gumption and resolve and the results showcase our efforts. The forensic audit has been completed. The forensic auditor's report does not show any material financial impact. The financial statement for FY 2022 shows that the company is now positioned to grow at a rapid pace," the company said.

PFS said it has re-generated a pipeline of new loan proposals related to various sunshine sectors.