MUMBAI: Government-owned Power Finance Corporation (PFC), India’s leading NBFC focused on the power sector, ended financial year 2019-20 (April-March) on a strong note despite numerous challenges including outbreak of COVID 19.
The lending institution 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 the last financial year. The highlight of the year was disbursement of Rs 11,000 crore in the last week of March 2020 despite the nationwide lockdown to contain the spread of COVID 19. Backed by strong IT infrastructure, PFC managed this feat of sizeable disbursement even though the employees were working from home.
During the year, PFC also registered 16% growth in its standalone revenue while it managed 16bps reduction in cost of funds. The net NPAs of the company reduced to 3.8% from 4.55%, showcasing the robust performance of the lender. Further, the Company registered a 10% growth in its Loan Assets, 16% bps reduction in cost of funds, and 16bps increase in Interest Spread. Further, during the fiscal, PFC resolved two stressed projects – Rattan India Amrawati & GMR Chhattisgarh worth Rs 2,700 Crore.
