NEW DELHI: PFC group clocked the highest annual Profit After Tax (PAT) with a 13% increase from Rs. 18,768 cr. in FY'22 to Rs.21,179 cr. in FY'23.

The consolidated net worth (including non-controlling interest) jumped by 16%, owing to increase in profits. As on 31st March,2023, the consolidated net worth stands at Rs.1,11,981 cr. vs. Rs.96,275 cr. as on 31st March,2022.

The consolidated loan asset book of the company grew by 13% - Rs.8,57,500 cr. as at 31st March,2023 vs. Rs.7,58,496 cr. as at 31st March,2022. The asset quality has further improved with Gross NPA ratio below 4% at 3.66% in FY’23 vs. 5.02% in FY’22.

The consolidated Net NPA ratio nearly touches 1% and stands at 1.03% in FY’23 vs. 1.60% in FY’22.

On the distribution side, in FY 23, PFC group has collectively sanctioned Rs.1,05,566 cr. and disbursed Rs.32,909 cr. under Late Payment Surcharge Rules. LPS was launched in June 2022 to reduce the mounting dues of Discoms and in less than a year of its introduction, the outstanding dues of Discoms to Gencos have reduced by more than 40%. This reflects the PFC group role in strengthening of the distribution sector.

PFC CMD R.S. Dhillon, commented that PFC has successfully regained its pre-COVID growth momentum. In FY 23, 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%. Also, in FY 23, we have strategically diversified into the infrastructure sector, a significant milestone decision positioning us for long-term business growth. So far we have sanctioned ports, refinery and e-mobility projects, he added.

He further said that the power sector is displaying signs of improvement. AT&C losses have reduced from 19.90% in FY20 to 16.50% in FY22. The ACS-ARR has also decreased from 0.79 paise per unit in FY20 to 0.40 paise in FY22. These improvements can be attributed to the release of outstanding subsidies, clearance of government department dues, and the timely issuance of tariff orders. Additionally, the introduction of the Late Payment Surcharge Rules by the government has shown promising results, with a 40% reduction in outstanding dues of Discoms to Gencos within just 10-11 months of the scheme's implementation. These positive trends inspire us to capitalize on future opportunities as we remain committed to supporting the power sector, driving infrastructure development, and contributing to overall economic growth, he stressed.