PFS announces Financial Performance for the Quarter / 9 Months ended 31st December 2020

PTC India Financial Services Limited (PFS), a subsidiary of PTC India Limited has announced the financial performance for the quarter and 9 months period ended 31st December 2020.

- PFS now moved to growth phase from consolidation with new businesses (disbursements) of Rs. 882 crore during Q3FY21.

- New loans of Rs. 1,419 crore sanctioned during Q3FY21. Post Q3FY21. PFS further sanctioned loans of around Rs. 1,000 crore for projects related to E-Mobility sector for supply of electric buses, water distribution and decentralized solar generation.

- Fresh Credit Lines of Rs. 650 crore received during the quarter.

- The Company was having liquid assets (FDs) of around Rs. 480 crore and undrawn credit lines of around Rs. 1,200 crore to meet its liability and growth in near future.

- Discussions for further credit lines of Rs. 1,400 crore are under process with various domestic banks / financial institutions.

- The Long Term to Short Term Liability ratio of the company stood at 93 : 7 and Debt Equity ratio improved to 4.09 times as at 31st December, 2020.

- Capital Adequacy ratio stood at 23.33% as on 31st December, 2020.

Q3FY21 VS Q3FY20

- Profit Before Tax (PBT) stood at Rs. 32.90 crore in Q3FY21 compared to Rs. 66.08 crore in Q3FY20.

- Profit After Tax (PAT) stood at Rs. 20.85 crore in Q3FY21 compared to Rs. 43.06 crore in Q3FY20.

- Net Interest Margin (Earning Portfolio) improved to 3.53% in Q3FY21 compared to 3.38% in Q3FY20.

- Cost of borrowed funds reduced to 8.39% in Q3FY21 compared to 9.20% in Q3FY20.

- Interest spread (Earning Portfolio) improved to 2.86% in Q3FY21 compared to 2.66% in Q3FY20.

- Company received additional credit lines of Rs. 650 crore in Q3FY21.

Q3FY21 VS Q2FY21

- Profit Before Tax (PBT) stood at Rs. 32.90 crore in Q3FY21 compared to Rs. 48.47 crore in Q2FY21.

- Profit After Tax (PAT) stood at Rs. 20.85 crore in Q3FY21 compared to Rs. 31.85 crore in Q2FY21.

- Total Income for Q3FY21 stood at Rs. 269.39 crore.

- Yield on Earning Assets stood at 11.25% in Q3FY21 compared to 11.36% in Q2FY21.

- Net Interest Margin (NIM) (Earning Portfolio) stood at 3.53% in Q3FY21 compared to 3.70% in Q2FY21.

As at 31st December, 2020

- The total outstanding credit i.e. aggregate of loan assets and non-fund based commitments against sanctioned loans, stood at Rs. 10,972 crore as on 31st December, 2020. Loan assets aggregated to Rs. 10,621 crore and outstanding non-fund based commitments aggregated to Rs. 351 crores.

- Capital Adequacy Ratio as on 31st December, 2020 stood at 23.33% comprising Tier I at 22.94% and Tier II at 0.39%.

- Debt to equity ratio stood at comfortable level of 4.09 times.

- New area of E-Mobility explored for projects awarded by STRCs with capital subsidy from Government of India under FAME II scheme.

Management Commentary: As we move ahead towards a path of resurgence, expansion and growth, it will be fair to say that the Company is in line to meet its objectives despite of the recent challenges. To have a better idea of our bright future, it will be wise to anticipate consistent excellence after the momentum we have gained in the former quarters. We are ironclad on our promise of maintaining a clean and robust balance sheet, both in terms of nature of business and the quality of portfolio. In the current quarter, the Company resolved stress loans amounting to Rs 50 crores, while the remaining stress loans have advanced towards their final few stages of resolution. The new opportunities from renewable, transmission, road HAM, annuity projects, e-mobility projects and other sustainable infrastructure projects will ensure the Company will continue to deliver the best results and enhances its brand value. As a result, PFS has sailed safe from risks and the financials of the organisation remain strong. In coming quarters, our aim will be to improve the cost of borrowings, NIM, operating margins and spreads, which will further warrant sustainable growth and strong credit standings. PFS is well moved in direction of being green sustainable infrastructure finance company.

Shares of PTC INDIA FINANCIAL SERVICES LTD. was last trading in BSE at Rs.20.05 as compared to the previous close of Rs. 19.4. The total number of shares traded during the day was 88533 in over 349 trades.

The stock hit an intraday high of Rs. 20.6 and intraday low of 19.55. The net turnover during the day was Rs. 1780268.

Source : Equity Bulls

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