PFS March quarter profit tanks over 80 pc to Rs 7.05 cr

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PTC India Financial Services (PFS) on Monday reported 80.8 per cent decline in its consolidated net profit at Rs 7.05 crore for the fourth quarter .
PTC India Financial Services (PFS)

New Delhi, Jun 15 (PTI) PTC India Financial Services (PFS) on Monday reported 80.8 per cent decline in its consolidated net profit at Rs 7.05 crore for the fourth quarter ended March 31, 2020.

Company’s net profit in the corresponding January-March quarter of 2019 stood at Rs 36.75 crore.

Income during the March quarter of 2019-20 stood at Rs 332.88 crore, slightly up from Rs 331.05 crore during same period of 2018-19, PFS said in a release.

The asset quality has improved with resolution of stressed/Non-performing asset (NPA) assets of around Rs 144 crore during the quarter ended March 31, 2020, it said.

For the fiscal year 2019-20, PFS registered 40.2 per cent fall in its net profit at Rs 110 crore, as against Rs 184.14 crore in previous fiscal.

Total income during the year increased to Rs 1,369.71 crore, from Rs 1,336.51 crore in 2018-19.

“Liberal provisioning of Rs 195 crore on our stressed/ NPA assets were made this year leading to an improvement in our portfolio quality,” PFS said.

With the challenges prevailing in the economy globally and countrywide, PFS is lending mostly to the highly resilient sectors such as renewable, transmission, road and other annuity projects, it said.

Stocks of PFS were trading 5.02 per cent down at Rs 10.60 apiece on BSE.

Source:PTI

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