New Delhi: State-run Power Finance Corporation (PFC) has recorded a 39 percent jump in standalone Profit after Tax (PAT) year-on-year as the figure settled at Rs 2,333 crore for Q3 of FY21 as opposed to Rs 1,680 crore in Q3 of FY20. The rise in consolidated net profit in Q3 of FY21 is 17 percent year-on-year at Rs 3,963.18 crore in contrast to Rs 3,387 crore for Q3 FY20. The state-run non-banking financial company's (NBFC) standalone net profit for the nine-month period of FY21 registered a jump of 45 percent at Rs 6,117 crore as opposed to Rs 4,220 crore in the corresponding period of the previous financial year.
PFC's total income rose to Rs 18,441.72 crore in the December quarter of FY21 from Rs 15,878.04 crore in the same period a year ago. Owing to resolution of stressed assets, gross NPA ratio saw a sharp reduction of 249 bps from April-December period of FY20. The current GNPA ratio is at 5.85 percent against 8.34 percent in the April-December period FY20. Net NPA ratio also saw a sharp reduction of 164 bps from the April-December period of FY20.
Commenting on the pandemic's impact, the company said that there will not be a significant impact of this outbreak in continuing its business operations, maintaining its financial position, and assessing its ability to continue as a going concern. PFC Chairman and Managing Director RS Dhillon said, "I am happy to see that PFC has so far navigated the pandemic well with a high level of resilience. This quarter results are a testament to this. With Indian economy getting back on track of recovery, I feel positively about the recovery in Indian power sector. I believe that PFC is in a strong financial position to leverage on attractive growth opportunities."
PFC's Director Finance Parminder Chopra said, "The 3rd quarter has been remarkable for PFC with quarterly profit reaching an all-time high. Our overall third-quarter results reflect the strong operational strength and solid fundamentals of PFC in a continuing challenging environment."
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