Government-owned Power Finance Corporation (PFC) recorded a total income of ₹241.76 billion (~$2.89 billion) for the fourth quarter (Q4) of the financial year (FY) of 2024, a 20% year-over-year (YoY) increase from ₹200.74 billion (~$2.4 billion).

The public infrastructure financing company posted a profit after tax of ₹75.56 billion (~$904.83 million), an increase of 23% YoY from ₹61.28 billion (~$733.83 million).

PFC announced a 16% growth in its consolidated loan asset book, increasing to ₹9.91 trillion (~$118.67 billion) from ₹8.57 trillion (~$102.62 billion) as of March 31, 2024.

The company’s renewable loan portfolio grew 25% YoY to over ₹602 billion (~$7.21 billion). PFC continues to be India’s largest lender to the renewable energy sector.

Source: PFC

Full-year 2024

PFC recorded a total income of ₹911.74 billion (~$10.92 billion) in FY 2024, a 17% YoY increase compared to ₹776.25 billion (~$9.29 billion).

The company recorded its highest annual profit after tax of ₹264.61 billion (~$3.17 billion), a 25% YoY increase from ₹211.79 billion (~$2.53 billion), backed by a 14% growth in its loan portfolio.

The company’s non-performing assets dropped to their lowest level of 3.02% in FY 2024 from 3.66% YoY.

PFC’s consolidated net worth (including non-controlling interest) increased by 20% from the previous year to ₹1.34 trillion (~$16.05 billion).

Last November, PFC approved projects worth ₹1.17 trillion (~$14.04 billion) for various state distribution companies (DISCOMs) under the Revamped Distribution Sector Program as of September 2023. The public sector lender has also approved loans worth ₹70 billion (~$8.4 billion) and disbursed ₹31 billion (~$3.7 billion) under the Late Payment surcharge program, fetching the DISCOMs more than a 50% reduction in legacy dues.

PFC recorded a net profit of ₹62.94 billion (~$758 million) during the third quarter of FY 2024, a 20% YoY increase.