PFC Posts Record Profits in FY’24: Declares Highest Annual Profit After Tax

In a recent announcement made in Mumbai, the Power Finance Corporation (PFC) revealed its financial performance for the fiscal year 2023-24, showcasing strong growth.

The consolidated financial highlights revealed significant milestones achieved by the PFC Group. Notably, the group recorded a 25 percent increase in Profit After Tax (PAT), surging from INR 21,179 crores in FY’23 to INR 26,461 crores in FY’24. Additionally, the PFC Group retained its status as the largest Non-Banking Financial Company (NBFC) in India, with its total balance sheet surpassing INR 10 lakh crore, reaching INR 10.39 lakh crores by the end of FY’24.

Moreover, the group witnessed a substantial 16 percent growth in its consolidated loan asset book, which escalated from INR 8,57,500 crores in FY’23 to INR 9,90,824 crores in FY’24. The Consolidated Net worth, including non-controlling interest, also surged by 20 percent, reaching INR 1,34,289 crores by the end of FY’24. Importantly, owing to active resolution efforts, the consolidated Net Non-Performing Assets (NPA) decreased to 0.85 percent in FY’24, marking an improvement from the previous fiscal year.

On the standalone front, PFC emerged as the highest profit-making NBFC in India, registering a remarkable 24 percent increase in Standalone Profit After Tax, which rose from INR 11,605 crores in FY’23 to INR 14,367 crores in FY’24. The company also reported an 18 percent increase in Quarterly PAT, reaching INR 4,135 crores in Q4’24. Moreover, the Board proposed a final dividend of INR 2.50 per share for Q4’24, bringing the total dividend for FY’24 to INR 13.50 per share.

PFC's commitment to clean energy was underscored by its renewable loan portfolio, which witnessed a 25 percent YoY growth, surpassing the INR 60,000 crore milestone and solidifying its position as the leading renewable lender in India.

Commenting on the company's performance, Chairperson and Managing Director, Parminder Chopra, expressed pride in PFC's achievements, highlighting its status as the largest NBFC Group in India and the highest profit-making NBFC. She emphasized the company's strong financial performance, backed by a 14 percent growth in the loan portfolio and improved asset quality, as evidenced by the reduction in Net NPA levels.

Looking ahead, PFC remains optimistic about its growth prospects in the power and infrastructure sectors, positioning itself as a proactive partner in India's future development endeavors.