PTC India Financial Services Limited (PFS) has reported a 72.04 per cent fall in net profit at ₹15.64 crore for the first quarter of financial year 2019-2020. PFS had reported a profit of ₹55.93 crore in the first quarter of previous year. The Company has also made additional provisioning of ₹62.70 crore in Q1 of financial year 2019-2020, a PFS statement said.
PFS is a non-banking finance company promoted by PTC India Limited. PFS was granted the status of an Infrastructure Finance Company by the Reserve Bank of India.
Fresh Loans of ₹717 crore were sanctioned and ₹457 crore were disbursed during the quarter.
Total income during the quarter under review stood at ₹352.19 crore, 8.30 per cent higher than the ₹325.19 crore during the corresponding quarter of the preceding fiscal.
Commenting on the results, Pawan Singh, Managing Director and CEO said, “Though there are continuous sectorial issues for the NBFC (non-banking financial company) sector, we continue to focus on improving our yields, structured finance to corporates of good credit standings, rotate our existing assets towards higher yields and to explore new areas for generation of fee based income and advisory services which is being strengthened in the company.”
“We will continue to grow in renewable sector and sustainable financing in which we are having negligible stress and huge growth opportunities in future,” he added.
Source: Company statement