Power Finance Corporation
Limited
NSE Symbol PFC
Power Finance
Corporation Limited has declared
improved results for third quarter ending December, 2011.
Net Sales
in Q3 FY 12 stands at Rs.3282.35 Cr – up
by 4.48% from Q2 FY 12; up by 12.87%
from Q1 FY 12; and up by 27.44% from Q3
FY 11.
Other Expenditure in Q3 FY 12 stands at Rs(-) 405.36 Cr –
compared to Rs.542.42 Cr in Q2 FY 12; Rs.82.91 Cr In Q1 FY 12; and Rs. 38.71
Cr In Q3 FY 11.
Total Expenditure in Q3 FY 12 stands at Rs(-)386.38 Cr –
compared to Rs.561.22 Cr in Q2 FY 12; Rs.103.49 Cr In Q1 Fy 12; Rs.56.95 Cr in
Q3 FY11.
Profit from Operations in Q3 FY 12 stands at Rs.3668.73 Cr – up by 42.18% from Q2 FY 12; Up by 30.82% from Q1 FY
12; and Up by 45.66% from Q3 FY 11.
Other Income
in Q3 FY 12 stands at Rs.128.88; down by -62.53%
from Q2 FY 12; down by -92.03% from Q1
FY 12; and down BY -76.43% from Q3 FY
11
Interest
in Q3 FY 12 stands at Rs.2196.61 Cr – up by 8.06% from Q@ FY 12; Up by 15.33% from Q1 FY12; and Up by 35.36% from Q3 FY 11.
Profit before tax
in Q3 FY 12 stands at Rs.1473.41 Cr – up by 167.39% from Q2 FY 12; up by 60.85%
from Q1 FY 12; and up by 63.44% from Q3 FY 11.
Tax expense
in Q3 FY 12 stands at Rs.365.51 Cr – up by 177.53% from Q2 Fy 12; up by 59.04% from Q1 Fy 12; and up by 50.65% from Q3 FY 11.
Net Profit
in Q3 FY 12 stands at Rs.1107.91 Cr – up by
164.2% from Q2 FY 12; Up By 61.46% from Q1 FY 12; and Up By 68.16% from
Q3 FY 11. While the Minus expenditure in Q3 FY 12 has helped boosting the NPT
in Q3 FY 12, the profitability of PFC ltd is not in question in any way. With a
Net Interest Margin of 3.85%, the profitability of PFC is quite good. Its NPAs
are also very LOW. Its extreme concentration on Power sector is a slight
negative Point – especially considering that 70% of disbursements are to State
sector. Yet, its performance is quite Good.
Paid Up Equity
in Q3 FY 12 stands at Rs. 1319.93 Cr.
Basic EPS,
on a FV of Rs.10, in Q3 FY 12 stands at
Rs.8.39; Rs.3.18 in Q2 FY 12; Rs.5.63 in Q1 FY 12; and Rs.5.74 in Q3 FY 11.
At this Rate, the annual EPS
is likely to be around Rs.25.
The
present
Market price is Rs.186.75 While
the 52 week high price is Rs.281.70 and the 52 week low price is
Rs.130.40.
The
PE Ratio
is 3.47.
OTHER HIGHLIGHTS
Ø
9M
FY 12 VS 9M FY 11
Ø
NET
PROFIT UP BY 10% FROM Rs.2012 cr to Rs.2213 cr
Ø
Comparable
PAT increased by 19% from Rs.1933 Cr to Rs.2298 cr
Ø
Total
Income up by 24% from Rs.7537 cr to Rs.9353 Cr
Ø
Net
Interest Income Up by 18% from Rs.2680 cr to Rs.3166 cr
Ø
For
FY 11 – Reported PAT is Rs.2620 Cr – but comparable PAT is Rs.2522Cr
Ø
Interest
Income stands at Rs.3213 Cr in Q3 FY 12; against Rs.2508 Cr in Q3 FY 11;
Ø
Provisions
is Negligible at 0.03%
Ø
Loan
Assets amount to Rs.1,17,995 Cr on 31.12.2011 against Rs.92,118 Cr on
31.12.2010.
Ø
Met
outstanding sanctions in Q3 FY 12 is Rs.1,82,014 Cr against Rs.1,70,821 cr in
Q3 FY 11.
Ø
Yield
on assets is 11.28% in Q3 FY 12 against
11.13% in Q3 FY 11.
Ø
Net
Interest Margin is 3.85% in Q3 FY 12, slightly
lower than 4.11 in Q3 FY 11.
Ø
As
per PFC – EPS before exchange gain / loss is 23.98 and EPS weighted average is
33.57.
Ø
Capital
Adequacy Ratio is 17.92%
Ø
BV
per share is Rs.149.14
Ø
The
Borrowers are 71% in state sector; 2% in central sector and 27% in Private
sector.
Ø
Net
NPAS is 0.48% while Gross NPAs is 0.54%.
Major Projects
Sanctioned in 9M FY 2012
Ø
PROPOSAL DISCRIPTION :: Sanctions
(` in crores)
Ø
1320
MW TPS of M.P. Power Generating Company in Madhya Pradesh :: 4862
Ø
1200
MW Coal based TPP of SCCL at Adilabad, AP
:: 3980
Ø
660MW
Coal based TPP of Maharashtra State Power Gen. Company Ltd in Maharashtra :: 3435
Ø
500
MW Coal based extn. TPS of Bihar State Electricity Board, at Barauni in Bihar :: 2898
Ø
1200
MW TPP of Rajasthan Rajya Vidyut Utpadan Nigam Ltd in Rajasthan :: 2498
Ø
1320
MW Coal based TPS of NSL Nagapatnam Power and Infratech Pvt Ltd in Tamil Nadu :: 1400
Ø
1320
MW Coal based TPP of Jas Infrastructure Capital Pvt. Ltd in Bihar :: 1150
Ø
1200
MW TPS of MB Power (Madhya Pradesh) Ltd at Anuppur in MP :: 1100
Ø
1320
MW Coal based TPP of Essar Power Gujarat Ltd at Salaya in Gujarat :: 1100
RESULTS
TABLE
|
Power Fin Corp
|
31-Dec-11
|
30-Sep-11
|
%dif1
|
30-Jun-11
|
%dif2
|
31-Dec-10
|
%dif3
|
|
Net Sales
|
328235.36
|
314161.35
|
4.48
|
290796.41
|
12.87
|
257569.34
|
27.44
|
|
Employees
Cost
|
1762.39
|
1753.95
|
0.48
|
1939.28
|
-9.12
|
1699.95
|
3.67
|
|
Depreciation
|
135.61
|
125.96
|
7.66
|
118.75
|
14.2
|
124.1
|
9.27
|
|
Other Expenditure
|
-40535.95
|
54241.6
|
-174.73
|
8290.64
|
-588.94
|
3870.57
|
-1147.29
|
|
Total
Expenditure
|
-38637.95
|
56121.51
|
-168.85
|
10348.67
|
-473.36
|
5694.62
|
-778.5
|
|
Profit
from Operations
|
366873.31
|
258039.84
|
42.18
|
280447.74
|
30.82
|
251874.72
|
45.66
|
|
Other Income
|
128.88
|
344
|
-62.53
|
1616.98
|
-92.03
|
546.87
|
-76.43
|
|
Interest
|
219660.95
|
203280.08
|
8.06
|
190464.23
|
15.33
|
162274
|
35.36
|
|
Profit
before tax
|
147341.24
|
55103.76
|
167.39
|
91600.49
|
60.85
|
90147.59
|
63.44
|
|
Tax expense
|
36550.55
|
13170.06
|
177.53
|
22981.59
|
59.04
|
24262.7
|
50.65
|
|
Net
Profit
|
110790.69
|
41933.7
|
164.2
|
68618.9
|
61.46
|
65884.89
|
68.16
|
|
Face
Value (In Rs
|
10
|
0
|
10
|
0
|
10
|
0
|
|
|
Paid
Up Equity
|
131993.17
|
131993.17
|
0
|
131993.17
|
0
|
114776.67
|
15
|
|
Basic
EPS
|
8.39
|
3.18
|
163.84
|
5.63
|
49.02
|
5.74
|
46.17
|
|
Public
holding (%)
|
26.28
|
26.28
|
0
|
26.28
|
0
|
10.22
|
157.14
|
* * *
E N D * * *
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