PFC Q4 net profit rises over 42% to Rs 6,129 crore

By Dan Neff On May 29, 2023

New Delhi: State-owned non-bank lender Power Finance Corporation (PFC) has posted a 42.66% jump in its consolidated net profit at ₹6,128.63 crore during March FY23 quarter, helped by higher income. It had clocked ₹4,295.90 crore net profit from “continuing and discontinued operations” in January-March quarter of preceding financial year (FY) 2021-22, the company said in a regulatory filing on Saturday.

Total income increased to ₹20,074.11 crore from ₹18,873.55 crore in the year-ago quarter, registering a year-on-year (y-o-y) rise of 6%.

In a separate statement, the company said “PFC Group clocked the highest PAT (profit after tax) with a 13% increase from ₹18,768 crore in FY22 to ₹21,179 crore in FY23.”

As on March 31, 2023, the consolidated net worth of company increased to ₹1,11,981 cr from ₹96,275 cr as on March 31, 2022. Consolidated loan asset book grew by 13% to ₹8,57,500 crore in FY23 over ₹7,58,496 crore in FY22. In FY23, PFC Group has collectively sanctioned ₹1,05,566 crore and disbursed ₹32,909 crore under Late Payment Surcharge (LPS) rules.

The government launched LPS in June 2022 to reduce the mounting dues of discoms (power distribution companies) and in less than a year of its introduction, the outstanding dues of discoms to gencos (power generating companies) have reduced by over 40%.

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