Power Finance Corporation Q4 2024 Results: Consolidated PAT and Revenue up by 23% and 20% on a YOY Basis

Synopsis:

Power Finance Corporation (PFC) Limited announced its quarterly results for the period ending in March 2024 on 15th May. It reported a consolidated PAT of ₹7556.43 cr for Q4 FY2024. Its consolidated total revenue for Q4 FY2024 increased by 20.44% on a YOY basis reaching ₹24176.34 cr.

Quarter Result Performance

Power Finance Corporation’s consolidated total revenue for Q4 FY2024 increased by 20.44% on a YOY basis, reaching ₹24176.34 cr from ₹20074.11 cr in Q4 FY2023. The quarterly consolidated revenue is up by 2.47%. Power Finance Corporation reported a consolidated PAT of ₹7556.43 cr for Q4 FY2024 from ₹6128.63 cr in Q4 FY2023, which is an improvement of 23.30%. On a quarterly basis, the consolidated PAT hiked by 20.05%.

For the full financial year ending in March 2024, the consolidated PAT stood at ₹26461.18 cr compared to ₹21178.59 cr in FY 2023, up by 24.94%. For FY 2024, its consolidated total revenue stood at ₹91174.87 cr compared to ₹77625.19 cr in FY 2023, which is an increase of 17.46%.

Power Finance Corporation declared ₹2.5 per equity share as the final dividend. For FY2024, the total dividend stood at ₹13.50 per equity share. The company also witnessed an improvement in net non-performing assets (NPAs). It reduced by 0.85%, reaching 3.34% in Q4 FY2024. Its consolidated net worth increased by 20% to ₹1,34,289 crore as of March 31, 2024.

PFC has also announced that Mr. Sandeep Kumar who is currently an executive director at the company to hold the position of Chief Financial Officer (CFO) with immediate effect.

In an interview, commenting on the performance Chairman and Managing Director Parminder Chopra, PFC said, “This strong performance is backed by a 14 per cent growth in our loan portfolio while retaining a strong asset quality. Our Net NPA levels reduced from 1.07 per cent in previous financial year to 0.85 per cent currently. Maximizing shareholder value remains a priority." PFC's renewable loan portfolio grew 25 per cent year-on-year to over Rs 60,000 crore

About Power Finance Corporation Limited

Power Finance Corporation Limited (PFC) is a state-run non-banking financial company (NBFC) in India. It provides financial assistance to the power sector. The company offers a range of products like project term loans, lease financing, and medium-term loans, as well as non-fund-based products such as deferred payment guarantees and letters of comfort.