New Delhi: State-run Power Finance Corporation (PFC) has posted a 34 percent rise in standalone net profit year-on-year at Rs 2,273.59 crore in Q1 of FY 2021-22 against Rs 1,699.56 crore. The PSU has also declared an interim dividend of Rs 2.25 per share on Thursday. On quarter-on-quarter basis, PFC's standalone net profit dipped by 2.27 percent. The company's consolidated net profit also grew at a healthy 28.04 percent year-on-year and at 17 percent quarter-on-quarter. Aided by profit growth, PFC's net worth for Q1 FY 2021-22 is up by 17 percent to Rs 54,739 crore from Rs 46,940 crore in Q1 FY 2020-21.
Consolidated revenue from operations also registered a growth of 12.12 percent in Q1 of FY 2021-22 year-on-year at Rs 18,965.14 crore, up from Rs 16,914.05 crore recorded in the corresponding quarter of the previous financial year. In comparison to the March quarter of the previous financial year, the growth in PFC's revenue from operations was 4.49 percent.
Standalone revenue for Q1 of FY 2021-22 was Rs 9,325.61 crore, which was 6.28 percent higher when compared to the corresponding quarter of the previous financial year and 3.58 percent lower when compared to the preceding quarter of FY 2020-21.
With the objective to fortify the balance, provisioning coverage on Stage III (NPA) assets enhanced to 65 percent. This has resulted in the lowest net NPA levels of 2 percent in the past three years. Under the Aatma Nirbhar Discoms liquidity support announced by the government, PFC and its subsidiary REC, combined together, have so far sanctioned Rs 1,35,537 crore and disbursed Rs 79,678 crore.
PFC's CMD RS Dhillon said, "We have registered 34 percent increase in our profits and our performance this quarter once again showcases the inherent strength of PFC's strong business. I'm also particularly pleased that with our consistent performance, we have been able to provide dividend return to our shareholders in the first quarter itself. Also, we are glad to be a strategic partner with GoI (Government of India) for the implementation of Revamped Distribution Sector Scheme, which is a step forward in creating sustainable Discoms. The scheme also presents us a good opportunity to grow our business further."
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