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Power Finance Corporation Ltd (PFC) reported robust Q1FY24, 30.6% YoY rise

Power Finance Corporation Ltd (PFC) announced its Q1FY24 financial results, showcasing the following highlights:

  • Consolidated Net Profit Increase: PFC reported a robust 30.6% YoY rise in its consolidated net profit for Q1FY24, reaching ₹5,982.14 crore compared to ₹4,579.53 crore in the corresponding period last year. However, the net profit declined by 2.4% sequentially from ₹6,128.63 crore in Q4FY23.
  • Share Price Movement: PFC’s share price closed 1.10% lower at ₹264.15 apiece on the BSE.
  • Consolidated Revenue and Total Income: The company’s total consolidated revenue from operations increased by 13.3% YoY to ₹20,992.49 crores during the quarter ended June. Total income for the first quarter reached ₹21,001.44 crore, compared to ₹18,544.04 crore in the year-ago period.
  • Bonus Shares Recommendation: The board of directors recommended issuing bonus shares to shareholders in a 1:4 ratio. This entails one bonus equity share of ₹10 each fully paid up for every four existing fully paid-up shares of ₹10 each. The bonus equity shares will be issued by capitalizing a sum not exceeding ₹660,02,03,520/- from the ‘Securities Premium Account’.
  • Dividend Proposal Deferral: The company’s board also decided to defer the proposal for declaring the interim dividend for FY 2023-24.
  • Margins: PFC’s consolidated operating margin for the quarter ending June stood at 35.21%, and the net profit margin was reported at 28.48%, according to the company’s filing.

PFC’s Q1FY24 results indicate positive net profit growth and a strong rise in consolidated revenue. The bonus shares recommendation and the decision to defer the dividend proposal reflect strategic financial considerations. It’s important to note that the operating and net profit margins also provide insight into the company’s operational efficiency and profitability.

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Manoj Singh

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