PTC India Financial Services (PFS), disclosed a decline of 59.4 per cent in standalone net profit at Rs 84.89 crore for the 2nd quarter of the ongoing financial year. Company's profit in the same quarter was at Rs 211.35 crore. Total income from operations slipped to Rs 335.06 crore during the quarter, as compared to 442.29 crore a year ago.
PAT (profit after tax or net profit) increased by 118 per cent respectively during second quarter 2016-17, which excluded the effect of a profit of Rs 206.93 crore earned during second quarter of 2015-16 on sale of investment by PFS. The net interest income for this quarter increased by 50 per cent to Rs 141.81 crore versus Rs 94.68 crore and interest income grew by 42 per cent to Rs 304.06 crore, from Rs 214.04 crore a year ago.
PFS mentioned that it earned an income of Rs 11.59 crore by way of premium on redemption of debentures held in one of the borrower company during September quarter. Further, during the quarter one loan account with an exposure of Rs 125 crore, previously identified as non-performing, has been upgraded as standard asset which resulted into an interest income of Rs 23.83 crore during the quarter, it further added.
The growth momentum has been continuous during the quarter and debt assistance sanctioned during the quarter increased by 62 per cent to Rs 3,081 crore. On the pther hand disbursements grew 29 per cent to Rs 881 crore year-on-year basis. PFS' total outstanding loan assets growth was at 30 per cent to Rs 9,418 crore as on September 2016, from Rs 7,225 crore a year ago. Total cumulative effective debt sanctioned is observed at Rs 18,200 crore, the company said.
On 9th Nov, PFS share price fell below 10 per cent and is trading at Rs. 36.60. The stock opened at Rs. 35.00 against its previous close at Rs .38.70.
PFS is one of the top 500 performing stocks for this quarter as identified by Dynamic Levels. For Further details refer to PFS share price history.
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