PFC June quarter profit rises 31% to Rs 5,982 crore

New Delhi: Power Finance Corporation on Friday posted nearly 31 per cent rise in consolidated net profit at Rs 5,982 crore for June quarter FY24. The company logged a profit of Rs 4,580 crore in April-June FY23, a BSE filing said.

Consolidated loan asset book grew by 17 per cent to Rs 7,58,074 crore as on June 30, 2022 against Rs 8,86,723 crore as on June 30, 2023.

Consolidated disbursements increased remarkably by more than three times from Rs 17,084 crore in Q1FY23 to Rs 56,925 crore in Q1FY24. Consolidated net worth (including non-controlling interest) increased by 19 per cent from Rs 99,623 crore as on June 30, 2022 to Rs 1,18,366 crore as on June 30, 2023.

PFC’s Net NPA has reached its lowest level at 1 per cent in Q1FY24 from 1.57 per cent in Q1FY23. Gross NPA declined by 148 bps from 5.02 per cent in Q1FY23 to 3.54 per cent in Q1FY24.

On the distribution side, till date, PFC group has cumulatively sanctioned Rs 1,15,565 crore and disbursed Rs 60,711 crore under Late Payment Surcharge Rules.