Power Finance Corporation Q4 profit grows 23% to Rs 7,556 crore

New Delhi: Power Finance Corporation (PFC) on Wednesday posted over 23 per cent rise in consolidated net profit at Rs 7,556.43 crore for March quarter FY24 on account of growth in loan portfolio.

It had clocked Rs 6,128.63 crore profit from "continuing and discontinued operations" during the fourth quarter of last fiscal, the company said in an exchange filing.

Total income rose to Rs 24,176.34 crore from Rs 20,074.11 crore in January-March FY23. Expenses were at Rs 14,579.16 crore as against Rs 12,312.29 crore a year ago.

The company logged the highest annual profit of Rs 26,461 crore in FY24, up 25 per cent from Rs 21,179 crore in FY23. Its consolidated loan asset book increased to Rs 9,90,824 crore as on March 31, 2024, up from Rs 8,57,500 crore a year ago.

PFC's consolidated net worth (including non-controlling interest) increased 20 per cent from Rs 1,11,981 crore as on March 31, 2023 to Rs 1,34,289 crore as on March 31 this year.

The company's total balance sheet size crossed Rs 10 lakh crore in FY24.

Consolidated gross NPA was at 3.02 per cent in FY24 as against 3.66 per cent in FY23.

The board also approved the final dividend of Rs 2.50 per share. With this, the total dividend for FY24 would be Rs 13.50 per share.

CMD Parminder Chopra said,"This strong performance is backed by a 14 per cent growth in our loan portfolio while retaining a strong asset quality. Our Net NPA levels reduced from 1.07 per cent in previous financial year to 0.85 per cent currently. Maximizing shareholder value remains a priority." PFC's renewable loan portfolio grew 25 per cent year-on-year to over Rs 60,000 crore, she said.