Shares of Power Finance Corporation (PFC) rose 3% after the company posted robust Q4 FY24 results, driven by strong growth in net interest income (NII) and profitability. As of 1:27 PM, the shares were trading 3.05% higher at Rs 418.65.
PFC’s NII jumped 39.5% year-on-year (YoY) to ₹5,910.6 crore from ₹4,237.3 crore. Sequentially, NII rose 25.9% from ₹4,694.2 crore in Q3, reflecting improved yields and expanding loan book.
Profit after tax (PAT) came in at ₹5,108.95 crore, marking a 23.5% YoY rise and a 23% quarter-on-quarter (QoQ) increase. The company attributed the growth to strong operating performance and higher interest income.
Operating profit for the quarter stood at ₹6,546 crore, up 39.8% YoY and 27% QoQ, aided by 7.8% QoQ growth in assets under management (AUM) and a 10.5% rise in interest income. Other income surged 61.8% YoY and 92.4% QoQ to ₹1,222.2 crore.
However, operating expenses saw a sharp increase, rising 89.45% YoY and 234% QoQ to ₹586.8 crore. Provisions also spiked to ₹444.7 crore, compared to ₹74.5 crore in Q3, reversing a ₹337 crore write-back in the same quarter last year.
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