PFC Q1 profit up 31% to Rs 5,982 crore; loan asset book grows 17% to Rs 8.86 lakh crore

New Delhi: State-owned Power Finance Corporation (PFC) on Friday posted a nearly 31 percent rise in consolidated net profit to Rs 5,982.14 crore for the April-June quarter of FY 2023-24.

The company reported a profit of Rs 4,579.53 crore in April-June 2022, a BSE filing said.

Total income rose to Rs 21,001.44 crore in the quarter from Rs 18,544.04 crore in the same period a year ago.

The board approved a proposal to issue bonus shares to the shareholders in the ratio of 1:4, i.e. one bonus share of Rs 10 each fully paid-up for every four existing shares of Rs 10 each fully paid-up by capitalizing a sum not exceeding Rs 660.02 crore.

The company's board also decided to defer the proposal to declare an interim dividend for FY24.

In a separate statement, the company said its consolidated loan asset book was at Rs 8,86,723 crore as on June 30, 2023, up by 17 percent over Rs 7,58,074 crore as on June 30, 2022.

The disbursements on a consolidated basis also increased three-fold to Rs 56,925 crore in the first quarter of FY24 over Rs 17,084 crore in April-June 2022.

"The net NPA has reached its lowest level at 1 percent in Q1 FY'24 from 1.57 percent in Q1 FY'23. While the gross NPA declined by 148 bps from 5.02 percent in Q1 FY'23 to 3.54 percent in Q1 FY'24," the company said.

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