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PFC best ever Q1’24 results: Records a 43% surge in Standalone Profit After Taxes Rs. 5,982 Cr

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“Another Remarkable & profitable Quarter for Power Finance Corporation’s Investors –Power Finance Corporation Ltd. records a 43% surge in Standalone Profit After Tax.  Investors rewarded with Bonus Share Issue of 1:4. This reinforcesCompany’s commitment to deliver sustained long term returns”

“Power Finance Corporation now a part of MSCI Global Standard Index. This inclusion will help in enhancing/bolstering PFC’s global visibility.”

“Power Finance Corporation’s Bold Strides in Energy Transition/Power Finance Corporation Leads the Charge in Energy Transition with Ambitious Initiatives:

Rs. 2.37 Trillion Worth MoU Unveiled for Clean Energy Advancements. Paving the Path to Achieve India’s 500 GW Non-Fossil Fuel Capacity by 2030, PFC Joins Hands with 20 Companies Across Solar, Wind, EVs

PFC Becomes theFirst Indian Member of Asia Transition Finance Study Group, led by Japan’s METI Spearheading Sustainable Financial .Uniting for Sustainable Transition Finance in Asia, PFC to Shape Climate Financing Landscape alongside Global Counterparts. A Landmark Achievement for PFC and India’s Financial Sector

ConsolidatedFinancial Highlights

31% increase registered in consolidated Profit After Tax from Rs. 4,580 cr. in Q1’23 to Rs. 5,982 cr. for Q1’24.

Consolidated Loan Asset Book grew by 17% – Rs.7,58,074 cr. as on 30.06.2022 vs. Rs.8,86,723 as on 30.06.2023.

Consolidated disbursements increased remarkably by more than 3 times from Rs. 17,084 cr. in Q1’23 to Rs.56,925 cr. in Q1’24.

Consolidated Net worth (including  non-controlling interest) increased by 19% from Rs. 99,623 cr. as on 30.06.2022 to Rs. 1,18,366 cr. as on 30.06.2023

Owing to synergies in resolution of stressed assets, Net NPA has reached its lowest level at 1% in Q1’24 from 1.57% in Q1’23. Gross NPA declined by 148 bps from 5.02% in Q1’23 to 3.54% in Q1’24.

On the distribution side, till date, PFC group has cumulatively sanctioned Rs. 1,15,565 cr. and disbursed Rs. 60,711 cr. under Late Payment Surcharge Rules.

Stand Alone Financial Highlights

43% increase registered in Standalone Profit After Tax from Rs. 2,110 cr. in Q1’23 to Rs. 3,007 cr. for Q1’24.

PFC board proposes issue of bonus shares to the equity shareholders in the ratio of 1:4, subject to shareholders approval.

PFC continues to maintain a healthy CRAR level. CRAR as on 30th June, 2023 is at 25.08%, with Tier 1 capital at 22.36%.

PFC’s net worth has surpassed the Rs. 70,000 crore mark and now stands at Rs. 71,366 cr. as on 30.06.2023, an increase of 17% from 30.06.2022.

Five times increase indisbursements- from Rs. 4,643 cr. in Q1’23 to Rs. 22,792 cr. in Q1’24.

Double-digit growth of 17% registered in loan asset book- from Rs. 3,70,186 cr. as on 30.06.2022 to Rs.4,32,339 cr. as on 30.06.2023.

PFC’s Net NPA ratio touches almost 1% and is at 1.04% in Q1’24 vis-à-vis 1.73% in Q1’23.

Till date, PFC has sanctioned Rs. 53,156 cr. and disbursed Rs. 30,618 cr under Late Payment Surcharge Scheme.

PFC successfully raises Rs. 2,824 cr. under second issue of public taxable bonds. The issue saw an overwhelming response from retail investors, resulting in an oversubscription of over 5 times.

More than 80% of retail investors from all corners of India have participated in this Bond issue.

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