PFC sanctioned loans of over Rs 1 lakh crore in previous fiscal

The government-owned Power Finance Corporation (PFC) delivered a sound financial performance with loan sanctions of more than Rs 1 lakh crore along with loan disbursements of about Rs 68,000 crore in 2019-20.

The highlight of the year was the disbursement of Rs 11,000 crore in the last week of March 2020, despite the nationwide lockdown in place to contain the spread of COVID-19 in the country.

The year-on-year net profit is comparable at Rs 6,788 crore for FY20 as against Rs 6,953 crore of FY19 excluding one-time impact of DTA due to change in the corporate tax rate, a PFC release said.

The profit has also been impacted due to the extraordinary exchange rate variation of 6 per cent in the last 45 days of FY20, the release said.

PFC is India's leading NBFC focused on the power sector.

It also registered 16 per cent growth in its standalone revenue while it managed 16bps reduction in the cost of funds. The net NPAs reduced to 3.8 per cent from 4.55 per cent, showcasing the robust performance of the government-owned corporation.

It registered a 10 per cent growth in its loan assets, 16 per cent bps reduction in the cost of funds, and 16bps increase in interest spread.

The release said that during the fiscal, PFC resolved two stressed projects -Rattndia Amrawati and GMR Chhattisgarh worth Rs 2,700 crore.

( With inputs from ANI )