Power Finance Corporation (PFC) for the Financial Year 2024 registered the highest annual Profit After Tax (PAT) with 25% increase from Rs 21,179 crores in FY’23 to Rs 26,461 crores in FY’24.
The company also reported loan growth of 14% year-on-year to Rs 4.81 lakh crore.
PFC continues to be the largest NBFC Group in India with total balance sheet size crossing more than Rs 10 lakh crore in FY’24.
Net Interest Income (NII) for the quarter stood at Rs 4,237 crore, which is flat compared to the December quarter and up 22% compared to the same period last year while the revenue for the quarter went up by 20.2% from last year to Rs 12,243.7 crore.
Net profit for the quarter was also aided by a 32.6% jump in other income to Rs 755.4 crore. There was also a write-back of provisions worth Rs 337 crore, compared to an outgo of Rs 262.6 crore in the December quarter and a write-back of Rs 494.2 crore in the year-ago quarter.
The consolidated Gross NPA nearly touches 3% and is at 3.02% in FY’24 against 3.66% in FY’23.
Owing to active resolution efforts, consolidated Net NPA has reached its lowest level at 0.85% in FY’24 from 1.03% in FY’23.
Company’s Chairperson and Managing Director (CMD), Parminder Chopra, shared that PFC Group continues to be the largest NBFC Group in India and is also India’s highest profit making NBFC both on a consolidated and on a stand-alone basis.
“Maximizing shareholder value remains a priority. Today, the final dividend of Rs. 2.50 per share has been proposed by the Board. With this, the total dividend for FY’24 would be Rs. 13.50 per share,” he said.
Beyond financials, PFC leads India’s clean energy push. Our renewable loan portfolio grew 25% year on year to over Rs. 60,000 crores, solidifying our position as the leading renewable lender in India, he added.
“Looking ahead, PFC sees exciting growth in power and infrastructure, and is positioned to be a proactive partner in India’s future development.”
PFC’s renewable book registered 25% year on year growth, with the renewable loan portfolio has crossed the 60K milestone and is at Rs.60,208 crores.
PFC continues to maintain comfortable capital adequacy levels with CRAR as on March 31, 2024 is at 25.41%, with Tier 1 capital at 23.18%, well above the regulatory limit.
16% increase in net worth from Rs. 68,202 crores as on 31.03.2023 to Rs. 79,203 crores as on 31.03.2024.
