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Q3’21/9M’21 Results – 11th February 2021

Q3'21/9M'21 Results - 11th February 2021 1

·       Records all-time high Quarterly PAT of Rs.2,333 cr.

·         39% jump in Standalone Profit After Tax from Q3’20 . PAT at Rs.2,333 cr. for Q3’21. Vs Rs.1,680 cr. in Q3 ’20

·         45% jump in Standalone Profit After Tax from 9M’20 – PAT at Rs.6,117 cr. for 9M’21. Vs Rs.4,220 cr. in 9M ’20

·         30% increase in Net Interest Income from Q3’20 – Net Interest Income at Rs. 3,442 cr. for Q3’21 vs.Rs.2,646 cr. in Q3’20

·         34% increase in Net Interest Income from 9M’20 – Net Interest Income at Rs. 9,879 cr. for 9M’21 vs.Rs.7,362 cr. in 9M’20

·         Owing to resolution of stressed assets

o   Gross NPA ratio saw a sharp reduction of 249 bps from 9M’20. The current GNPA ratio is at 5.85% against 8.34% in 9M’20.

o   Net NPA ratio also saw a sharp reduction of 164 bps from 9M’20. The current Net NPA ratio is at 2.30% against 3.94% in 9M’20.

·         Even in a challenging operating environment, key financial indicators maintained within a stable range for 3 consecutive quarters. Q3’21 Yield is at 10.68% & Cost of Funds is at 7.48% Driven by efficiencies in yield and cost of funds, the Net Interest Margin on earning assets for Q3’21 at 3.63% has improved by 35 bps from 3.28% in Q3’20.

·         Comfortable capital adequacy levels at 20.21% having sufficient cushion over & above the prescribed regulatory limits

·         This quarter has all been about delivering on the past promises and despite a tough operating environment, PFC has been successful in holding its promises and delivering a robust performance

Ø  Consolidated

Q3’21 Vs Q3’20

·         17% increase in consolidated Profit After Tax from Q3’20 – PAT at Rs. 3,963 cr. for Q3’21 vs. Rs.3,387 cr. for Q3’20

·         16% increase in Consolidated Revenue from Operations – Consolidated Revenues at Rs. 18,435 cr. for Q3’21. Vs.15,873 cr. for Q3’20

·         Reduction in consolidated net NPA ratio from 3.56% in Q3’20 to 2.12% in Q3’21 due to resolution of stressed assets.

·         Reduction in consolidated Gross  NPA ratio from 7.41% in Q3’20 to 5.48% in Q3’21 due to resolution of stressed assets.

Ø  Liquidity support to Discoms under Aatma Nirbhar Bharat Abhiyaan

·         Under the Aatma Nirbhar Discoms liquidity support announced by the GOI, PFC & its subsidiary REC combined together, have so far sanctioned Rs.1,35,497 cr. and disbursed Rs.46,074 cr.

Ø  Management Comments

·         Mr. R.S. Dhillon, CMD Remarks – PFC’s CMD commented that I am happy to see that PFC has so far navigated the pandemic well with a high level of resilience. This quarter results are testament to this. With Indian economy getting back on track of recovery, I feel positively about the recovery in Indian power sector. I believe that PFC is in a  strong financial position to leverage on attractive growth opportunities. 

·         Ms. Parminder Chopra, Director (Finance) Remarks – PFC’s Director (Finance) commented that the 3rd quarter has been remarkable for PFC with quarterly profit reaching all time high. Our overall Q3 results reflects the strong operational strength and solid fundamentals of PFC in a continuing challenging environment.

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