PFS reports 70 per cent rise in Q1 net profit to ₹26.56 cr

PTC India Financial Services (PFS) on Tuesday reported 69.8 per cent jump in its consolidated net profit to ₹26.56 crore for the first quarter ended June 30, 2020.

The financier, which mainly caters to the infrastructure and power sector, had registered net profit of ₹15.64 crore in the same quarter a year ago.

Total income (consolidated) of the company, however, fell to ₹298.11 crore during April-June, from ₹352.19 crore in the same period last fiscal, PFS said in a regulatory filing.

Interest income was down at ₹290.37 crore, compared to ₹344.91 crore a year ago.

PFS said its business during the quarter has been impacted due to various factors, including lockdown situation in the country as activities related to clearances, land acquisition for new/under construction projects specifically in the renewable and road sectors are delayed at borrowers’ end.

The company does not have any subsidiary firms, but has two associates -- RS India Wind Energy and Varam Bio Energy.

At 10.25 am, shares of PFS were trading at ₹18.30 on BSE, up 4.27 per cent from previous close.