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PFC posts another successful Q3/9M’24 with 26% growth at Rs. 8,113 Cr in profits

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PFC posted another successful Q3/9M’24 with 26% growth at Rs. 8,113 cr earned profit. Under consolidated financials PFC Group PAT stands at Rs. 18,905 crores in 9M’24 vis-à-vis Rs. 15,050 crore in 9M’23, indicating a growth of 26%. Under stand alone financials Independent profit after tax is Rs. 8,113 crore. A noticeable increase of 26% was recorded from 8,113 crore in 9M’23 to Rs. 10,232 crore in 9M’24

Consolidated Financial Highlights

  • PFC Group reported PAT of Rs. 18,905 crores in 9M’24 vis-à-vis Rs. 15,050 crores in 9M’23, an increase of 26%.
  • Consolidated Net worth (including  non-controlling interest) increased by 20% from Rs. 1,06,143 crores as on 31.12.2022 to Rs. 1,27,841 crores as on 31.12.2023
  • 19% growth registered in consolidated loan asset book from Rs. 8,04,526 crores as on 31.12.2022 to Rs. 9,54,483 crores as on 31.12.2023
  • Owing to concentrated resolution efforts, consolidated Net NPA has reached its lowest level at 0.86% in 9M’24 from 1.15% in 9M’23. Gross NPA also declined significantly by 78 bps from 3.91% in 9M’23 to 3.13% in 9M’24.
  • PFC Group is the nodal agency for implementation of Late Payment Surcharge Rules. With the implementation of these rules, there has been more than 60% reduction in the legacy dues which were payable by Discoms to the Generation companies. Under this, till date, PFC group has cumulatively disbursed Rs. 74,073 crores.
  • Stand Alone Financial Highlights
  • 26% notable increase registered in Standalone Profit After Tax from Rs. 8,113 crores in 9M’23 to Rs. 10,232 crores in 9M’24.
  • 12% increase in Stand alone Profit After Tax from Rs. 3,005 crores in Q3’23 to Rs. 3,377 crores in Q3’24.
  • In Q3’24, PFC board declared an interim dividend of Rs.3.5 per share, bringing the cumulative interim dividend to Rs. 8 per share
  • 1.7 times impressive increase in disbursements-from Rs. 46,968 crores in 9M’23 to Rs. 79,049 crores in 9M’24, driven by disbursements in distribution sector and renewable energy sector.
  • Double-digit growth of 16% witnessed in loan asset book- from Rs. 3,93,387 crores as on 31.12.2022 to Rs.4,57,027 crores as on 31.12.2023.
  • CRAR as on 31st Decmeber, 2023 is at 26.86%, with Tier 1 capital at 24.28%. PFC continues to have comfortable capital adequacy levels.
  • 18% increase in net worth from Rs. 65,289 crores as on 31.12.2022 to Rs. 76,780 crores as on 31.12.2023.
  • In Q3’24, PFC successfully reached resolution in Dans Energy loan of Rs. 413 crores. With this, PFC’s Net NPA ratio reaches below 1% and is at 0.90%- the lowest level in last 6 years.

Ms. Parminder Chopra, Chairman and Managing Director with additional charge of Director (Finance) Remarks

“I am happy to share that we have been declaring all time high profits period on period. We have achieved 26% Y-o-Y jump in 9M’24 Profit After Tax coupled with impressive double digit loan growth of 16%. This further underscores our commitment to consistent performance. This New Year brings along with it fresh possibilities for PFC. With RBI approval received in early January this year, we are excited to venture into IFSC GIFT City by establishing our wholly owned subsidiary. This is a historic milestone for PFC. This strategic decision will expand our business horizon and help in taking PFC brand global.

Plus, we are excited to support the government’s recently announced Suryodaya Yojana, where the target is to have one crore residential rooftop solar. This initiative will not only empower individuals with clean energy but also create additional lending opportunities for PFC across the entire solar value chain, including equipment manufacturing. This initiative will enhance our growth prospects in the coming years while aligning with the GoI’s vision for making India self-reliant in the energy sector.

These developments, coupled with our strong financials, position us for an even brighter future as we lead the way in India’s infrastructure development and energy transition.”

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