Dynamite News
Power Finance Corporation group clocks highest-ever annual profit after tax in FY'23
As on 31 March 2023, the consolidated net worth stands at Rs 1,11,981 crore versus Rs 96,275 crore as on 31 March 2022. Must read full story on Dynamite News:
New Delhi: Power Finance Corporation Ltd, a Govt of India Undertaking, has earned its highest annual Profit After Tax (PAT) with a 13 per cent increase from Rs 18,768 crore in FY'22 to Rs 21,179 crore in Q4/FY'23.
The consolidated net worth (including non-controlling interest) jumped by 16%, owing to increase in profits. As on 31 March 2023, the consolidated net worth stands at Rs 1,11,981 crore versus Rs 96,275 crore as on 31 March 2022.
Consolidated loan asset book grew by 13% amounting to Rs 8,57,500 crore as on 31 March 2023 versus Rs 7,58,496 croer as on 31 March 2022. The asset quality has further improved with Gross NPA ratio below 4% at 3.66% in FY’23 versus 5.02% in FY’22, reports Dynamite News Correspondent.
CMD RS Dhillon reveals happiness
On the occasion, expressing happiness over the net profit, PFC Chairman and Managing Director, RS Dhillon said, "I am happy to see that PFC has successfully regained its pre-COVID growth momentum. In FY23, we achieved substantial growth in disbursements and witnessed a remarkable double-digit increase in our loan asset book."
"Furthermore, our active resolution efforts have resulted in improved asset quality, with the Net NPA ratio nearly reaching 1 per cent. Also, in FY23, we strategically diversified into the infrastructure sector, a significant milestone decision positioning us for long-term business growth. So far we have sanctioned ports, refineries and e-mobility projects," Dhillon added.
Regarding loan distribution, in FY'23, the PFC group collectively sanctioned Rs 105,566 crore and disbursed Rs 32,909 crore under the 'Late Payment Surcharge Rules'.
According to company statement, a final dividend of Rs 4.50 per share was proposed by Board in Q4FY23. Thus, so far PFC has given a total dividend of Rs 13.25 per share for FY '23.
Parminder Chopra, Director (Finance) stated that FY'23 has been the year of resurgence for PFC.
Parminder Chopra said, "Notably, we surpassed our own record and achieved an all-time high annual profit of Rs.11,605 cr. This outstanding achievement is a testament to our unwavering commitment to excellence and it sets a solid foundation for our future endeavors," Chopra said.