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PTC India Financial Services (PFS) has reported a 124 per cent rise in standalone net profit to Rs 110 crore for fourth quarter ended March 2017. The company’s net profit during similar quarter of previous fiscal was at Rs 49 crore.
Total income during January—March period rose to Rs 431.65 crore, as against Rs 269.98 crore a year ago, it said in a regulatory filing.
For the full year, net profit was down at Rs 345.33 crore compared to Rs 391.09 crore in 2015—16.
Income during the fiscal was higher at Rs 1,351.88 crore as against Rs 1,186.92 crore in 2015—16.
Board of directors of the company at a meeting held today recommended a dividend of Rs 1.5 per share for 2016—17, PFS said in the filing.
There was an increase in company’s bad loans with gross non—performing assets (NPAs) rising to 5.51 per cent of gross advances as at the end of March 2017, from 3.40 per cent year ago.
Net NPAs rose to 3.78 per cent as a percentage of net advances, as against 2.35 per cent year ago.
“The recent strategic move to gradually shift from power generation projects is yielding results. The efforts of the company focussing on resolution of NPAs are expected to yield positive results during the current year,” Managing Director and CEO Ashok Haldia said in a statement.
PFS’ main business is to provide finance for energy sector through investment and lending into such projects.
Shares of the company closed 1.38 per cent down at Rs 46.55 on BSE.
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