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Business News/ Markets / Stock Markets/  PFC logs 13% growth in FY23 consolidated net profit

New 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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Updated: 28 May 2023, 09:31 PM IST
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