Power Finance Corporation Q4FY24 PAT grows 23% YoY to Rs 7,556 cr; NII grows 22%
New Delhi: Power Finance Corporation (PFC) on Wednesday announced a consolidated net profit of Rs 7,556 crore for the fourth quarter of FY24, an over 23 percent year-on-year (Y-o-Y) jump.
The state-owned company attributed the growth to the expansion of its loan portfolio.
The Net Interest Income (NII) for the quarter amounted to Rs 4,237 crore, reflecting a 22 percent increase compared to the same period last year.
Revenue for the quarter experienced a year-on-year growth of 20 percent, reaching Rs 12,243 crore.
During the quarter, the company's asset quality showed improvement, with net non-performing assets (NPAs) decreasing to 0.85 percent and gross NPAs dropping to 3.34 percent. This marks a decline from 0.9 percent and 3.52 percent, respectively, recorded in the December quarter.
In the financial year 2023-24, the company’s loan portfolio grew by 14 percent. Chopra said she expected the loan book to expand by 12 percent to 15 percent in the financial year 2024-25 (FY25).
No new NPA has been added in more than a year. Gross NPA for FY24 is at 3.34%, a decrease of 57 basis points from 3.91% in FY23.
PFC continues to maintain comfortable capital adequacy levels. Capital to Risk (Weighted) Assets Ratio (CRAR) as on 31st March, 2024 is at 25.41%, with Tier 1 capital at 23.18%, well above the regulatory limit.
The company’s net worth grew 16% from Rs. 68,202 crores as on 31.03.2023 to Rs. 79,203 crores as on 31.03.2024.
Renewable loan book registered 25% year on year growth, The renewable loan portfolio has crossed the 60K milestone and is at Rs.60,208 crores. PFC continues to be the largest renewable lender in India.
Maximizing shareholder value remains a priority for the company. With the final dividend of Rs. 2.50 per share proposed by the Board today, the total dividend for FY24 would be Rs.13.50 per share, the company said.
Beyond financials, PFC leads India's clean energy push. Its renewable loan portfolio grew 25% year on year to over Rs 60,000 crores, solidifying its position as the leading renewable lender in India.
The company said it expects exciting growth in power and infrastructure and is positioned to be a proactive partner in India's future development.
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