PFC hits highest profit, declares dividend

Source :Sify
Author :Finance Desk
Last Updated: Wed, Jun 16th, 2021, 05:55:19hrs
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Power-Finance-Corporation

Mumbai: Power Finance Corporation, the non banking financial arm of the Ministry of Power, reported having hit highest net profit of Rs 8,444 crores for the fiscal ending 2021.

This is the highest net profit (Profit After Tax) -- 49 percent higher than the previous fiscal. PAT in the previous fiscal stood at Rs 5,655 crores.

The company reported a 28% increase in Net Interest Income at Rs. 12,951 cr.

The management has declared a dividend of Rs 2 per share taking the total dividend to Rs 10 per share.

PFC also reported having resolved a quarter of its stressed books in the fiscal. ""Gross NPA ratio saw a sharp reduction of 238 bps from previous fiscal Current GNPA (Gross Non Performng Assets) ratio is at 5.70% against 8.08% in previous fiscal,"" added the company.  

Lowest Net NPA levels in past 4 years. Net NPA ratio saw a sharp reduction of 171 bps from FY’20. The current Net NPA ratio is at 2.09% against 3.80% in FY’20.

The PFC counters on Tuesday saw an exchange of 14.63 lakh shares to end at Rs 127.80 -- down by 1.35 percent in the intra-day session according to data from the Bombay Stock Exchange.

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