Dynamite News
PFC registered a stand-alone profit of 2,110 cr
Power Finance Corporation (PFC) Board accorded approval for creation of Power Asset Management Company (PAMC) for taking over the stressed/NPA power assets on Friday. Read further on Dynamite News:
New Delhi: Under the able leadership of Chairman and Managing Director (CMD) RS Dhillon, PFC registered a stand-alone profit of Rs. 2,110 cr for Q1' 23.
On consolidated basis, the PAT for Q1’23 is at Rs 4,580 cr. The company also announced Interim Dividend of Rs. 2.25 per share proposed by Board in Q1’23 on Friday.
PFC CRAR quarter on quarter. CRAR as on 30.06.2022 is 24.33% with Tier I capital of 20.95% and Tier II capital of 3.38%.
S Srinivasan Rao, Chief General Manager, Public Relations told the Dynamite News that the Company Stand Alone Net NPA levels to drop below 2% – the lowest in 5 years – Net NPA ratio at 1.73% for Q1’23 viz-a-viz 2% in Q1’ 22. Reduction in 23 bps reduction in Consolidated Net NPA ratio from 1.80% in Q1’22 to 1.57% in Q1’23 due to resolution of stressed assets.
PFC sanctions Rs.33,079 cr. to Discoms under GoI’s“Late Payment Surcharge and Related Matters Rules 2022” for clearing of outstanding dues. The funding will be backed by State Govt. Guarantee. This will help in alleviating the stress across the power sector value chain.
PFC Board accorded approval for creation of Power Asset Management Company (PAMC) for taking over the stressed/NPA power assets.