BackPTC India Financial Services posts Rs103 crore net profit in H1FY23
Return on assets (ROA) improved to 2.35% in H1FY23 compared to 2.06% a year ago
PremiumNEW DELHI : PTC India Financial Services (PFS) Ltd on Monday reported net profit stood at ₹103.22 crore for H1FY23 against ₹98.07 crore for H1FY22.
The results have come after trading on its shares was halted by the exchanges due to delay in announcements of the quarterly earnings.
The controversy-hit company hogged the limelight earlier this year when three of its directors resigned citing alleged corporate misgovernance, following which SEBI barred the board meetings of the company which caused the delay in its quarterly results.
The company is having robust pipeline of around ₹5,600 crore for new business proposal in pre-sanction stages.
According to the company, return on assets (ROA) improved to 2.35% in H1FY23 compared to 2.06% a year ago.
“We are on a clear path of focused credit growth in future, first half of this year saw slowdown owing to resolutions and completions. PFS continues to build a robust pool of loan project opportunities and intends to pursue it with renewed vigour and partnership with our banking partners. Our focus will solely be towards becoming a leader in green project financing and contribute significantly to India’s target of Net Zero emission economy," the company said in a statement.
“We continue to work across Green Hydrogen, sustainable agricultural projects, water treatment projects, electric mobility, waste management facilities and other sustainable green infrastructure finance projects by leveraging on our in-house expertise and strong processes," it added.
PTC India Financial Services said that the total outstanding credit i.e. aggregate of loan assets and non-fund based commitments against sanctioned loans, stood at Rs. 7,528 crore as on 30 September, 2022.
“Loan assets aggregated to Rs. 7,528 crore and NIL outstanding nonfund-based commitment," it said.
The company is continuously resolving its stress assets and as a result of that its net NPAs have come down to ₹234 crore as on 30 September 2022. The company is expecting further resolution of its stress assets in balance part of the year.
“PFS welcomes to its board three newly appointed independent directors with excellent credentials and strong domain knowledge. The company would benefit immensely from the combined experience of the three new independent directors," the company said.
The company is positioned to have important contribution in achieving government target of 500 GW green projects and net zero carbon economy in future, having tremendous fillip to business growth in green sector.
PTC India holds 64.99% stake in PFS, a listed non-banking financial company (NBFC).
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