PFC logs 13% growth in FY23 consolidated net profit
1 min read 28 May 2023, 09:31 PM ISTThe consolidated net worth of the company jumped by 16%, owing to increase in profits to Rs1.11 lakh crore, against Rs96,275 crore as on March 31,2022
PremiumNew Delhi: State-run Power Finance Corporation (PFC) has reported a nearly 13% growth in its consolidated net profit for FY23 at ₹21,179 crore.
In FY22, the company had reported a consolidated net profit of ₹18,768 crore.
A company statement said that the consolidated net worth of the company jumped by 16%, owing to increase in profits to ₹1,11,981 crore, against ₹96,275 crore as on March 31,2022.
Its consolidated loan asset book grew by 13% to ₹8,57,500 crore as at March 31, 2023. Its asset quality also improved with the gross NPA ratio at 3.66% in FY23 down from 5.02% in FY22.
R.S. Dhillon, CMD, PFC said: “In FY23, we achieved substantial growth in disbursements and witnessed a remarkable double-digit increase in our loan asset book. Furthermore, our active resolution efforts have resulted in an improved asset quality, with the Net NPA ratio nearly reaching 1%."
He also said that in the last financial year, the company strategically diversified into the infrastructure sector, positioning itself for long-term business growth. and far it has sanctioned ports, refinery and e-mobility projects.
Parminder Chopra, Director (Finance) said: “We surpassed our own record and achieved an all-time high annual profit of ₹11,605 crore. This outstanding achievement is a testament to our unwavering commitment to excellence and it sets a solid foundation for our future endeavors."
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