New Delhi: Under the leadership of Ravinder Singh Dhillon, CMD, Power Finance Corporation Ltd, the company has achieved another major milestone. In the third quarter of the current financial year 2022-23, a record increase has been registered in the net profit of the company.
As per Dynamite News correspondent the company has earned a net profit of 5,241 crore, a growth of 7% in Q3 of this financial year as compared to the same period of previous financial year 2021-22.
New Delhi: Under the leadership of Ravinder Singh Dhillon, CMD, Power Finance Corporation Ltd, the company records 7% increase in its net profit in Q3 of current financial year 2022-23@pfclindia @MinOfPower @FinMinIndia pic.twitter.com/GM2IotC8WA
— Dynamite News (@DynamiteNews_) February 13, 2023
Highlights:
1. PFC Group has delivered the highest ever consolidated profit after tax (PAT) of Rs 5,241 crore in Q3’23, an increase of 7% from Q3’22.
2. The consolidated loan asset book crossed Rs 8 lakh crore.
3. The consolidated disbursements crossed Rs.1 lakh crore at Rs 1,06,875 crore for 9M’23 and registered an increase of 28% versus 9M’22. This reflects PFC group robust business performance.
4. The synergies in resolution of stressed assets have led to Gross NPA ratio to fall below 4%, from 5.55% in 9M’22 to 3.91% in 9M’23.
5. The consolidated Net NPA ratio saw a 71 bps reduction from 1.86% in 9M’22 to 1.15% in 9M’23. This is the lowest ever Net NPA ratio on consolidated basis.
6. On the distribution side, till date, 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.
7. In Q3’23, PFC clocked the highest quarterly PAT of Rs 3,005 crore and registered a 26% increase viz-a-viz Q3’22. For 9M’23, PFC registered a PAT of Rs 8,113 crore, as compared to the previous fiscal year's nine-month PAT of Rs 7,412 crore.
8. In Q3’23, PFC declared an interim dividend of Rs 3.50 per share, bringing the cumulative interim dividend for the financial year to Rs 8.75 per share.
9. Till date, PFC has sanctioned Rs 46,788 crore and disbursed Rs.14,389 crore to Discoms for clearance of dues under the Late Payment Surcharge Rules.
10. Under the Revamped Distribution Sector Scheme (RDSS), so far, action plan for 11 states with PFC has been approved i.e. Andhra Pradesh, Gujarat, Himachal Pradesh, Kerala, Madhya Pradesh, Uttarakhand, Haryana, Jharkhand, Maharashtra, Puducherry and Punjab.
11. PFC has successfully raised USD equivalent 1.15 bn in the current financial year in foreign currency.
