Government-owned Power Finance Corporation (PFC) recorded a net profit of ₹62.94 billion (~$758 million) during the third quarter (Q3) of the financial year (FY) of 2024, a 20% year-over-year (YoY) increase.

The public infrastructure financing company posted an income of ₹235.93 billion (~$2.8 billion), an increase of 19.9% YoY.

The company recorded ₹213.1 million (~$2.5 million) in dividend income and an additional ₹679.7 million (~$8.1 million) as fees and other income.

PFC announced a 19% growth in its consolidated loan asset book, escalating from ₹8.05 trillion (~$96.9 billion) to ₹9.54 trillion (~$114.9 billion) in December 2023, marking an increase of 18.5% YoY.

9M 2024

For the year’s first nine months (9M), the company’s net profit was recorded at ₹669.99 billion (~$8.06 billion), an increase of 16.41% YoY.

The company’s income for the period stood at ₹189.05 billion (~$2.2 billion), an increase of 25.6% YoY.

The company highlighted its resolution efforts, resulting in a reduction in consolidated net non-performing assets (NPAs) to its lowest level of 0.86% during April-December 2023, compared to 1.15% in the same period a year ago. Gross NPAs saw a significant decline by 78 basis points, dropping from 3.91% in the nine months of the last fiscal to 3.13% in April-December 2023.

The company obtains funds in various currencies by utilizing a combination of term loans from banks, financial institutions, government agencies, and non-convertible securities with varying maturity periods. As of December 31, 2023, the company has successfully met its debt servicing obligations without any defaults during the preceding nine months.

Recently, PFC approved projects worth over ₹1.17 trillion (~$14.04 billion) for various state distribution companies under the Revamped Distribution Sector Program as of September 2023.

The company announced a net profit of ₹66.28 billion (~$795.5 million) during the second quarter of the financial year 2024, registering a 26.7% YoY increase.  It posted an income of ₹224.04 billion (~$2.69 billion), an increase of 15.9% YoY.