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PFC achieves record net profit of ₹26,461 crore in FY24

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In Short:

State-run PFC reported a 25% increase in net profit at ₹26,461 crore in FY24 due to a 14% growth in their loan portfolio. Total income rose by 18% to ₹91,175 crore. The company is India’s largest NBFC Group and highest profit-maker. They achieved record profits, with a final dividend of ₹2.50 per share proposed. Net NPA levels reduced, with a 3% increase in gross NPA.

PFC Records 25% Increase in Net Profit in FY24

State-run PFC had a stellar year in FY24, reporting a 25% year-on-year increase in its consolidated net profit, reaching a record high of ₹26,461 crore. This impressive growth was supported by a 14% annual increase in its loan portfolio. The power and infra sector lender also saw its consolidated total income rise by 18% year-on-year to ₹91,175 crore.

Quarterly Performance

In the fourth quarter of FY24, PFC’s consolidated net profit rose by 20% quarter-on-quarter and 23% year-on-year to ₹7,556 crore. Consolidated total income also saw an increase, rising by 3% quarter-on-quarter and 20% year-on-year to ₹24,176 crore.

Company Achievements

PFC CMD Parminder Chopra highlighted the company’s achievements, noting that it remains the largest non-banking financial company (NBFC Group) in India and the highest profit-making NBFC, both on a consolidated and stand-alone basis. The total balance sheet size crossed ₹10 lakh crore in FY24, now standing at ₹10.39 lakh crore.

Chopra expressed pride in PFC’s record profits for the year, with a 24% year-on-year increase in standalone profit to ₹14,367 crore. The company’s strong performance was driven by a 14% growth in the loan portfolio while maintaining robust asset quality. Net NPA levels dropped from 1.07% in the previous fiscal year to 0.85% currently.

Dividends and Growth

The Board has proposed a final dividend of ₹2.50 per share, bringing the total dividend for FY24 to ₹13.50 per share. PFC’s renewable loan portfolio also saw significant growth, increasing by 25% year-on-year to over ₹60,000 crore. The company’s consolidated loan asset book reached ₹9,90,824 crore as of March 31, 2024, marking a 16% year-on-year growth. The consolidated net worth, including non-controlling interest, rose by 20% year-on-year to ₹1,34,289 crore.

Financial Health

In terms of asset quality, PFC’s consolidated Gross NPA nearly touched 3%, standing at 3.02% in FY24 compared to 3.66% in FY23. The active resolution efforts led to the consolidated Net NPA dropping to its lowest level at 0.85% in FY24 from 1.03% in FY23.

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