Commenting on the performance for Q1 FY2014 Mr .S N Goel Managing Director said:

" PFS has reported healthy results for the quarter ended 30^th June 2013; having grown its loan book by 17% to Rs.2, 688 crore during the quarter ended 30^th June 2013. Our total sanctions increased to Rs. 10,495 crore, while the total disbursements stood at Rs. 405 crore during the quarter.

Our loan book has grown very consistently over the last few quarters and we expect

this trend to continue in the forthcoming quarters given the increase in power investments due to strong infra - finance opportunity arising in the current five -year plan. We continue to focus our energies to lending outside coal based power projects. Our renewable energy portfolio forms a 40% of the overall loan book and we will further endeavor to expand this portfolio.

We have sanctioned term loans for infrastructure facilities also. We will continue to evaluate niche opportunities across infrastructure sector with a mindset to consciously diversify in the energy value chain. We would further consolidate our position as a preferred financing partner by offering comprehensive structured financial solutions and expertise to private power sector developers.

This combined with developing strong partnership with domestic & international finance in situations and an optimal borrowing mix will help us register sustained performance going forward."

Performance for the quarter ended June'13

For quarter ended June'13, Interest income for PFS grew by 57% to Rs 79.34 crore. Interest expense for the quarter grew by 96% to Rs 36.87 crore. Thus NIM grew by 34% to Rs 42.47 crore. Yield on assets stood at 13.07% as compared to 14.31% for June'12 quarter and costs of funds for June'13 quarter stood at 8.46% as compared to 8.66% for June'12 quarter. Interest spread for June'13 quarter, thus stood at 4.61% and NIM stood at 7.04% as compared to 9.07% for June'12 quarter.

The other income which includes income from sale of power, fee based income, FD income and income from mutual funds, was down by 31% to Rs 6.87 crore resulting Total income of Rs 49.34 crore for the quarter, up by 19% y.o.y.

Operating expense during the quarter was higher by 64% to Rs 12.29 crore. Operating expense includes forex loss of Rs 3.10 crore for June'13 quarter as compared to forex loss of Rs 1.76 crore for June'12 quarter. Company made a provision on standard asset which stood at Rs 1.95 crore for June'13 quarter as compared to Rs 1.84 crore for June'12 quarter. PBT thus stood at Rs 37.05 crore, down by 9% y.o.y. Total tax during the quarter stood at Rs 12.59 crore, down by 14% and PAT stood at Rs 24.46 crore, up by 7% y.o.y.

Performance for the year ended Mar'13

For the year ending Mar'13, Interest income stood at Rs 251.32 crore, up by 89% y.o.y. Interest expense stood at Rs 101.17 crore, down by 47% resulting in 133% increase in NII at Rs 150.15 crore. The other income was down by 25% to Rs 35.21 crore resulting total income of Rs 185.36 crore, up by 66%. Other income for FY'12 includes income from sale of certified emission units of Rs 4.63 crore as compared to Nil for FY'13.

Operating expense was down by 19% to Rs 30.07 crore. PBT before profit on sale of equity investments was up by 109% to Rs 155.9 crore. There was a profit of Rs 127.24 crore for Mar'12 year, being profits from divesting equity stake in 2 companies namely Ind-Barath Power generation and Indian Energy exchange, as compared to Nil for Mar'13 year.

PBT after profits on sale of equity investments and emission units, stood at Rs 155.29 crore, down by 23%. After providing total tax of Rs 51.13 crore, up by 7% y.o.y, the PAT stood at Rs 104.16 crore, down by 32% y.o.y.

Other updates

PFS reported Nil Net NPAs, while Gross NPA's stood at 0.18%.

Total effective debt sanctioned grew by 5% to Rs.10, 495 crore as on June'13 from Rs.9999 crore as at March 31, 2013

Total outstanding debt grew by 17% to Rs. 2688 crore from Rs. 2296 crore as at March 31, 2013.

Capital Adequacy Ratio as on June'13 stood at 36.2%

Promoter's shareholding as on June'13 stood at 60% and none of the shares are pledged.

The stock is currently trading at Rs 11.40.