For the quarter ended December 2011 PFC (Power Finance Corporation) reported a 36% increase in disbursement to Rs 10500 crore as a result of which its loan assets grew 28% to Rs 118000 crore. This increase in loan asset help the company report 27% increase in net interest earned to Rs 3282.35 crore while bottomline of the company rose 68% to Rs 1107.91 crore. Q3FY'12 bottomline includes foreign exchange gain of Rs 415.33 crore compared to foreign exchange loss of Rs 27.99 crore in Q3FY'11. If that is adjusted comparable profit rose 17% to Rs 775 crore.
Performance for the Quarter ended December 2011
For the quarter ended December 2011 PFC (Power Finance Corporation) reported a 27% increase in interest earned and stood at Rs 3282.35 crore while the interest expended for the quarter increased by 35% to Rs 2196.61 crore taking the net interest income of the company up by 14% to Rs 1085.74 crore.
Other income for the quarter fell 76% to Rs 1.29 crore from Rs 5.47 crore resulting in a growth in net total income to Rs 1087.03 crore, up by 13%. The operating expenses stood at Rs 27.59 crore during the quarter compared to Rs 27.72 crore in the corresponding previous quarter. The operating profit increased by 14% to Rs 1059.44 crore.
With the depreciation/amortization is up by 9% to Rs 1.36 crore, the PBT before Forex gain stood at Rs 1058.09 crore, up by 14%. The company reported foreign exchange profit of Rs 415.33 crore compared to foreign exchange loss of Rs 27.99 crore. This took the PBT after Exchange loss / (gain) up by 63% to Rs 1473.41 crore. Tax provisions increased 51% to Rs 365.51 crore. The net profit for the period stood at Rs 1107.91 crore, up by 68% y-o-y.
Performance for the nine months ended December 2011
For the nine months ended December 2011 PFC (Power Finance Corporation) reported a 24% increase in interest earned and stood at Rs 9331.93 crore while the interest expended increased by 30% to Rs 6134.05 crore taking the Net Interest Income up by 14% to Rs 3197.88 crore.
Other income decreased by 20% to Rs 20.90 crore resulting in a growth in Net total income to Rs 3218.78 crore, up by 14%. The operating expenses increased by 32% to Rs 84.66 crore, the operating profit increased by 13% to Rs 3134.12 crore.
With the depreciation/amortization increasing by 4% to Rs 3.80 crore, the PBT before Forex gain stood at Rs 3130.32 crore, up by 13%. The company reported Exchange loss of Rs 189.86 crore compared to Exchange loss of Rs 43.69 crore in the corresponding period last year. This took the PBT after Exchange loss / (gain) up by 8% to Rs 2940.45 crore.
Tax expense rose 2% to Rs 727.02 crore. Net profit for the period stood at Rs 2213.43 crore, up by 10% y-o-y.
Book value of the company stands at Rs 149.14 at the end of December 2011. Book value before exchange gain or loss stands at Rs 146.74 at the end of December 2011
The promoters holding and promoter group shareholding remained flat at 73.72% at the end of December 2011 compared to previous quarter.
No shares have been pledged as on 31 st December 2011.
Currently Power Finance Corporation is quoting at around Rs 196.25
Power Finance Corporation: Results
| Rs in Crore |
| Particulars | 1112(3) | 1012(03) | Var. (%) | 1112 (9) | 1012(09) | Var. (%) | 1103(12) | 1003(12) | Var. (%) |
| | | | | | | | | |
| Interest Earned | 3282.35 | 2575.69 | 27 | 9331.93 | 7511.14 | 24 | 10128.49 | 8002.10 | 27 |
| Interest Expended | 2196.61 | 1622.74 | 35 | 6134.05 | 4701.85 | 30 | 6492.47 | 5057.64 | 28 |
| Net Interest Income | 1085.74 | 952.95 | 14 | 3197.88 | 2809.29 | 14 | 3636.02 | 2944.45 | 23 |
| Other Income | 1.29 | 5.47 | -76 | 20.90 | 26.00 | -20 | 32.07 | 74.75 | -57 |
| Net Total Income | 1087.03 | 958.42 | 13 | 3218.78 | 2835.29 | 14 | 3668.09 | 3019.20 | 21 |
| Operating Expense | 27.59 | 27.72 | 0 | 84.66 | 64.08 | 32 | 93.37 | 105.76 | -12 |
| Operating Profits | 1059.44 | 930.70 | 14 | 3134.12 | 2771.21 | 13 | 3574.71 | 2913.44 | 23 |
| Depreciation / Amortization | 1.36 | 1.24 | 9 | 3.80 | 3.66 | 4 | 5.05 | 3.81 | 33 |
| Profit before tax and Forex gain / loss | 1058.09 | 929.46 | 14 | 3130.32 | 2767.55 | 13 | 3569.66 | 2909.63 | 23 |
| Forex loss / (Gain) | -415.33 | 27.99 | LP | 189.86 | 43.69 | 335 | 26.38 | -103.84 | LP |
| Profit before tax | 1473.41 | 901.48 | 63 | 2940.45 | 2723.86 | 8 | 3543.29 | 3013.48 | 18 |
| Tax Expense | 365.51 | 242.63 | 51 | 727.02 | 711.82 | 2 | 924.49 | 656.23 | 41 |
| Net Profit for the period | 1107.91 | 658.85 | 68 | 2213.43 | 2012.04 | 10 | 2618.79 | 2357.25 | 11 |
| EPS | 33.6 | 20.0 | | 22.4 | 20.3 | | 19.8 | 17.9 | |
* Annualized on current equity of Rs 1319.93 crore.
Face Value: Rs 10
EPS calculated after EO and Tax
EO: Extra ordinary item
LP: Loss to profit;
PL: Profit to loss |