PTC India Financial Services (PFS) has reported a ₹55.93 crore profit after tax (PAT) for the first quarter of 2018-2019. This is 22.75 per cent lower than the ₹72.40 crore PAT reported in the corresponding quarter of 2017-18.
PFS is an infrastructure finance company that offers financial products to companies in the energy value chain and other infrastructure industries.
The total income increased by 8.35 per cent to ₹325.19 crore in the quarter ending June 2018. This stood at ₹300.13 crore in the same quarter of the preceding financial year.
The divergence between topline and bottomline movement is due to non-performing asset categorisation. “In the first quarter of financial year 2018, we had certain accounts for which we had booked an interest income and these accounts turned NPA. We had to reverse the income booked from eight assets. This came up to ₹50 crore,” Ashok Haldia, Managing Director and CEO at PFS, told
“These assets belonged to companies such as SKS and Prayagraj Power,” Haldia added.
Commenting on the performance for the first quarter of financial year 2018-19, Haldia said: “The focus of the company during the quarter continues to be on consolidation and quality of the portfolio. The loan portfolio of the company has grown by about 22 per cent to ₹13,361 crore. The business model of the company remains robust with net interest income of ₹90.43 crore, which is 30 per cent of the interest income. To augment the portfolio, the company is strategically moving towards higher-yield-structured products.”