Power Finance Corporation Net Profit Rises 7% to Rs 5,241 cr in Dec qtr

New Delhi: State-owned Power Finance Corporation (PFC) on Monday posted a 7 percent rise in its consolidated net profit at Rs 5,241.10 crore in the December quarter, mainly on the back of higher revenues. The consolidated net profit of the company was Rs 4,893.91 crore in the October-December quarter of FY22, according to a regulatory filing.

Total income of the company increased to Rs 19,662.65 crore in the quarter under review from Rs 19,213.69 crore in the same period a year ago. The board also approved third interim dividend of Rs 3.50 per share, bringing the cumulative interim dividend for the financial year 2022-23 to Rs 8.75 per share. (Also Read: Residents of THIS Indian State Don't Pay Income Taxes! Why are Natives Exempted? - Check)

The consolidated loan asset book crossed Rs 8 lakh crore. The loan asset book as on December 31, 2022 stood at Rs 8,04,526 crore. The consolidated disbursements crossed Rs 1 lakh crore-mark at Rs 1,06,875 crore for the nine months period in FY23 (April-December 2022) and registered an increase of 28 percent versus 9M'22 (April-December 2021). (Also Read: IT Layoffs 2023: Over 17,400 Tech Employees got Fired in Feb Globally to Date)

This reflects PFC group's robust business performance, a company statement said. The synergies in the resolution of stressed assets have led to Gross NPA (bad loan) ratio falling below 4 percent, from 5.55 percent in 9M'22 to 3.91 percent in 9M'23.

The consolidated Net NPA (bad loan) ratio saw a 71 basis points reduction from 1.86 percent in 9M'22 to 1.15 percent in 9M'23. This is the lowest ever Net NPA ratio on consolidated basis, it stated.

On the distribution side, till date, the PFC group has collectively sanctioned Rs 1,02,831 crore and disbursed Rs 28,179 crore under Late Payment Surcharge Rules. The sanctioned amount will be disbursed in a phased manner through Equated Monthly Installments (EMIs) ranging from 12 to 48 months.

Under the Revamped Distribution Sector Scheme (RDSS), so far, action plan for 11 states -- Andhra Pradesh, Gujarat, Himachal Pradesh, Kerala, Madhya Pradesh, Uttarakhand, Haryana, Jharkhand, Maharashtra, Puducherry and Punjab -- with PFC has been approved, it stated.