22 Sep 2018 | 11:36 AM

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PFS net profit down by 23% to Rs 56 crore in Q1
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Published on 08-31-2018
PTC India Financial Services (PFS) has reported a decline of 23 per cent in its net profit at Rs 55.93 crore in first quarter ended June of this fiscal.


Its net profit in the corresponding period of 2017-18 was at Rs 72.39 crore.
Total revenues for the first quarter of 2018-19 stood at Rs 325.19 crore up from Rs 300.13 crore during the first quarter of the previous fiscal the company said in a statement today.


PFS said its total outstanding loan assets grew by 22 per cent to Rs 13361 crore as on June 30 2018. Non-fund based commitment for amounts to be disbursed in coming quarters aggregates to Rs 1003 crore by end of the quarter it added.
"The focus of the company during the quarter continues to be on consolidation and quality of the portfolio. The loan portfolio of the company has grown by about 22 per cent. The business model of the company remains robust with net interest income of Rs 90.43 crore which is 30 per cent of the interest income Ashok Haldia Managing Director and CEO said in the statement.


To augment the portfolio the company is strategically moving towards higher yield structured products he said.


Haldia said a significant portion of the stressed assets primarily in the legacy part of the portfolio are in final stages of resolution are expected to be resolved in end of this fiscal by various modes including change in promotor sale to ARCs or one-time settlement (OTS).


The investments related to renewables and other infrastructure do not have any significant levels of stress he said.