Friday, June 24, 2022

FY’22: PFC posts highest-ever annual profit of Rs 10,022 crore, announces dividend

PFC has posted the highest-ever annual profit (PAT) of Rs 10,022 crore (Standalone) in FY'22 registering 19 percent increase over the previous year of Rs 8,444 crore

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New Delhi: Maharatna Power PSU, Power Finance Corporation (PFC) has posted the highest-ever annual profit (PAT) of Rs 10,022 crore (Standalone) in FY’2. PFC has registered a 19 percent increase over the previous year of Rs 8,444 crore. While, on a consolidated basis, PFC has registered a 19 percent increase in net profit of Rs 18,768 crore in FY’22 over Rs 15,716 crore in FY’21.

In its Board Meeting held on Wednesday PFC announced a final dividend of Rs 1.25 per share for Q4 of FY’22. Thus, so far PFC has given a total dividend of Rs 12 per share in FY’22.

Net non-performing assets (NPA) of PFC have also dropped below to 2 percent, which is the lowest in five years. This is the result of sustained resolution efforts taken by the company. Net NPA ratio at 1.76 percent for FY’22 viz-a-viz 2.09 percent in FY’21. On a consolidated basis, gross NPA ratio was reduced by 5.02 percent in FY’22 from 5.29 percent in FY’21 due to the resolution of stressed assets.

Commenting on the company’s performance PFC’s CMD RS Dhillion said that I am happy to share that during this financial year, PFC has hit yet another milestone by delivering the highest annual profit ever of Rs 10,022 crore. PFC continues to stick to its commitment to share its success with the shareholder and accordingly, during the year, PFC has distributed nearly 32 percent of its profit through dividends to its shareholder. On the business front, power sector is still reeling under the impact of the COVID-19 pandemic, as a result, our loan asset book grew marginally. However, we are optimistic that with the economic activity bouncing back to its pre-covid level, PFC’s business activity would start picking up momentum.

While PFC’s Director (Finance) Parminder Chopra commented that despite a challenging environment, PFC has delivered historically high annual profits in FY 22. PFC during the year focused on building its capital buffer and creating a resilient balance sheet to tackle the adverse economic scenario. I believe that in future also, PFC will continue to work through the consequences of the pandemic and register profitable growth.

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