Power project financier PTC Financial Services (PFS) has announced its FY 2019 results which indicate a good year for the company.

The total revenue for PFS for FY 2019 was ₹13.36 billion ($192.5 million) compared to ₹11.85 billion ($170.8 million) in FY 2018, an increase of almost 12.7%. Profit before Tax (PBT) and profit after tax (PAT) for the year ended March 31, 2019, stood at ₹2.81 billion ($40.5 million) and at ₹1.84 billion ($26.5 million) respectively. Interest income for the year was ₹12.85 billion ($185.2 million).

On a quarterly basis, the company declared that its total revenue for Q4 FY 2019 stood at ₹3.31 billion ($47.68 million), compared to ₹2.96 billion ($42.6 million) in Q4 FY 2018, representing an increase of almost 11.55%. PBT for Q4 FY 2019 stood at ₹572 million ($8.24 million) as compared to a loss of ₹4.02 billion ($57.9 million) in Q4 FY 2018.

Commenting on the performance for the quarter and year, Pawan Singh, the managing director and CEO of PFS said, “Last year was a challenging year for the financial sector as a whole and for NBFCs in particular. Our position continued to focus on improving our consolidated portfolio quality, to execute better yields structured finance to corporates of good credit standings and to explore new areas for generation of fee-based income.

“We will continue to grow in the renewable sector in which we are having negligible stress and having huge growth opportunities in future. We will also be tapping the growth opportunities in new similar areas of businesses like SBG city gas distribution, annuity-based sewage treatment plants, electrical transportation and charging stations, last mile energy efficiency solutions. We tied over the liquidity challenges, and our strategy is to work on all possible dimensions simultaneously to strengthen our credit standing and to generate more value to our stakeholders, the result of our efforts is expected in coming quarters. Our dedicated efforts have cultivated a way to achieve our intention of being perceived as one of the valuable NBFC of the country,” Singh added.

The company’s gross non-performing assets (NPA) of PFS were reduced to 6.04 % as on March 31, 2019, from 6.85% as on December 31, 2018. Net NPAs were reduced to 3.12% as on March 31, 2019, from 3.29% as on December 31, 2018, on account of higher provisioning.

Recently, Mercom reported on PFS partnering with the U.S.-India Clean Energy Finance (USICEF) to mobilize debt financing for distributed solar energy projects in India. This was good news as financing distributed solar projects has been a major challenge in India and one of the primary reasons why the country has only installed 3 GW of rooftop solar to date.