Power Finance Corp jumps after good Q1 results

Power Finance Corporation surged 4.13% to Rs 102.15 at 13:07 IST on BSE after net profit rose 23.3% to Rs 1198.24 crore on 27.2% growth in total income to Rs 5017.10 crore in Q1 June 2013 over Q1 June 2012.

The Q1 result was announced after market hours on Friday, 2 August 2013.

Meanwhile, the BSE Sensex was up 14.57 points or 0.08% at 19,178.59.

On BSE, 3.28 lakh shares were traded in the counter as against average daily volume of 3.80 lakh shares in the past one quarter.

The stock hit a high of Rs 104.50 and a low of Rs 98 so far during the day. The stock had hit a 52-week low of Rs 97.40 on Friday, 2 August 2013. The stock had hit a 52-week high of Rs 227 on 8 February 2013.

The stock had underperformed the market over the past one month till 2 August 2013, sliding 34.45% compared with the Sensex's 1.54% fall. The scrip had also underperformed the market in past one quarter, declining 50.57% as against Sensex's 2.9% slide.

The large-cap company has equity capital of Rs 1320.04 crore. Face value per share is Rs 10.

Power Finance Corporation's (PFC) net interest income (NII) surged 39.31% to Rs 1942 crore in Q1 June 2013 over Q1 June 2012. Net interest margin (NIM) improved to 4.76%, from 4.19% a year ago.

Loan assets rose 24.08% to Rs 167196 crore as on 30 June 2013, from Rs 134742 crore as on 30 June 2012.

PFC's sanctions excluding R-APDRP rose 37.49% to Rs 15375 crore as on 30 June 2013, from Rs 11182 crore as on 30 June 2012. Disbursements excluding R-APDRP rose 4.45% to Rs 8235 crore as on 30 June 2013, from Rs 7884 crore as on 30 June 2012.

PFC's ratio of gross non-performing assets (NPA) to gross advances decreased to 0.69% as on 30 June 2013, from 0.71% as on 31 March 2013 and 1.02% as on 30 June 2012. The ratio of net NPA to net advances declined to 0.59% as on 30 June 2013, from 0.63% as on 31 March 2013 and 0.91% as on 30 June 2012.

Capital adequacy ratio (CAR) stood at 18.82% as on 30 June 2013, as against 17.98% as on 31 March 2013 and 18.55% as on 30 June 2012.

PFC's debt equity ratio came down to 6.1 from 6.26 in previous sequential quarter but increased from 5.63 in corresponding comparable quarter.

Power Finance Corporation (PFC) was incorporated with an objective to provide financial resources and encourage flow of investments to the power and associated sectors. The Government of India (GoI) holds 73.72% stake in PFC (as per the shareholding pattern as on 30 June 2013).

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