Proud to share that company registered Rs 8,444 crore profit in FY20-21: PFC CMD at 35 AGM – EQ Mag Pro
During the year, PFC’s net worth crossed the Rs 50,000 Crore mark, consolidating its position as the largest lender in the Indian Power sector.
New Delhi: Power Finance Corporation limited held its 35th Annual General Meeting (AGM) on Tuesday, September 21, 2021, through Video Conference. Shri R.S. Dhillon, Chairman, and Managing Director, PFC addressed Shareholders & various Stakeholders on the Company’s performance & future strategies.
AGM was attended by Shri Vishal Kapoor, Jt. Secretary, MoP, GoI (Director Government Nominee), Shri Pradeep Kumar Meel, Director, MoP (Rep. on behalf of President of India), Shri P.K. Singh, Director, (Commercial) & Projects (Additional Charge), Smt. Parminder Chopra, Director (Fin) & Shri M. Balwani, Company Secretary, PFC.
On the occasion CMD of PFC delivered the speech and said, I am proud to share that in the FY 2020-21, your Company has registered a profit of Rs. 8.444 Crore, its highest-ever annual profit since inception. During the year, PFC’s net worth crossed the Rs 50,000 Crore mark, consolidating its position as the largest lender in the Indian Power sector.
PFC has amended its Memorandum of Association enabling the funding of energy storage projects, electric vehicles, charging infrastructure large infrastructure projects with power sector linkages. Your Company has recently sanctioned financial assistance for the deployment of 700 electric buses in various Districts of Uttar Pradesh under Fame 11 scheme PFC has also funded a solar-wind hybrid pumped storage project in Andhra Pradesh.
PFC has been instrumental in ensuring liquidity in the power sector during the pandemic period. Along with its subsidiary REC, your Company has sanctioned 1.34 Lakh Crore and disbursed over 79,000 Crore to DISCOMs under the Liquidity Infusion Scheme as part of Aatmanirbhar Bharat Abhiyaan.
Asset quality improved significantly during the year, with stressed assets worth 76,844 Crore being resolved, which is about 25% of our stressed asset book. Major assets which have been resolved include RKM Powergen, Essar Transmission, Suzlon Energy, and Jal Power. This has resulted in the lowest NPA levels in the last 5 years, with the Gross NPA ratio at 5.70% and Net NPA ratio at 2.09%.