State-run PFC on Wednesday reported a 25 per cent Y-o-Y uptick in its consolidated net profit at ₹26,461 crore in FY24, a record high, which was aided by a 14 per cent annual growth in its loan portfolio. The power and infra sector lender’s consolidated total income in the last fiscal year rose by 18 per cent Y-o-Y to ₹91,175 crore.
On a quarterly basis, PFC’s consolidated net profit rose by 20 per cent Q-o-Q and 23 per cent Y-o-Y to ₹7,556 crore in Q4 FY24. Consolidated total income was higher by 3 per cent Q-o-Q and 20 per cent Y-o-Y to ₹24,176 crore. PFC CMD Parminder Chopra noted that the company continues to be the largest non-banking financial company (NBFC Group) in India and is also India’s highest profit-making NBFC, both on a consolidated and on a stand-alone basis. Its total balance sheet size surpassed ₹10 lakh crore in FY24 and is currently at ₹10.39 lakh crore.
“PFC achieved record profits in FY24. Profit increased by 24 per cent (Y-o-Y) to ₹14,367 crore (standalone). This strong performance is backed by a 14 per cent growth in our loan portfolio, while retaining strong asset quality. Our Net NPA levels reduced from 1.07 per cent in the previous financial year to 0.85 per cent currently,” she added.
The final dividend of ₹2.50 per share has been proposed by the Board. With this, the total dividend for FY’24 would be ₹13.50 per share. PFC’s renewable loan portfolio grew 25 per cent Y-o-Y to over ₹60,000 crore, Chopra noted. The company reported a 16 per cent Y-o-Y growth in consolidated loan asset book to ₹9,90,824 crore as on March 31, 2024. The consolidated net worth (including non-controlling interest) increased by 20 per cent Y-o-Y to ₹1,34,289 crore.
The consolidated Gross NPA nearly touches 3 per cent and is at 3.02 per cent in FY24 compared to 3.66 per cent in FY23. Owing to active resolution efforts, consolidated Net NPA has reached its lowest level at 0.85 per cent in FY24 from 1.03 per cent in FY23.