State-run power sector lender Power Finance Corporation (PFC) on Friday reported a 31 per cent Y-o-Y jump in its consolidated net profit at ₹5,892 crore in Q1 FY24.

The company’s consolidated total income rose 13 per cent Y-o-Y to ₹20,993 crore during the June quarter in the current financial year.

PFC’s consolidated loan asset book grew by 17 per cent Y-o-Y to ₹8,86,723 crore in Q1 FY24 from ₹7,58,074 crore a year-ago. Consolidated disbursements rose remarkably by more than 3 times from ₹17,084 crore to ₹56,925 crore.

“Another remarkable and profitable quarter for Power Finance Corporation’s investors. Investors rewarded with bonus share Issue of 1:4. This reinforces company’s commitment to deliver sustained long-term returns,” the Maharatna company said.

The lender’s consolidated net worth (including non-controlling interest) increased by 19 per cent Y-o-Y to ₹1,18,366 crore as on June 30, 2023.

“Owing to synergies in resolution of stressed assets, Net NPA has reached its lowest level at 1 per cent in Q1 FY24 from 1.57 per cent in Q1 FY23. Gross NPA declined by 148 bps from 5.02 per cent in Q1 FY23 to 3.54 per cent in Q1 FY24,” the company said.

On the distribution side, till date, PFC group has cumulatively sanctioned ₹1,15,565 crore and disbursed ₹60,711 crore under the Late Payment Surcharge (LPS) Rules.

PFC said that it has inked ₹2.37 lakh crore worth of MoUs for clean energy advancements. Paving the path to achieve India’s 500 GW non-fossil fuel capacity by 2030, PFC joins Hands with 20 companies across solar, wind, EVs, etc.

The state-run company also became the first Indian member of the Asia Transition Finance Study Group, led by Japan’s METI. 

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