PTC India Financial Services (PFS) reported a 50% increase in its interest income. However, NIM was down by 183 bps to 6.92% y.o.y, as cost of funds increased and spread has come down to 4.88% as compared to 5.99% in Q2 FY'13 and interest expenses was up by 102% y.o.y. Thus NII growth was restricted to 24%. Higher operating expense, up by 164% y.o.y, largely due to higher forex mark to market loss and higher provisioning, up by 51% y.o.y further restricted PBT growth to 7% After providing total tax of Rs 15.45 crore, up by 12%, PAT was up by 4% y.o.y.
Commenting on the performance for Q2 & H1 FY2014, Mr. Rajender Mohan Malla - Managing Director & CEO said:
"I am happy to announce the Q2 & H1 FY14 results of PFS which showcases consistent growth on account of sustained progress in the loan book and accelerated growth in disbursals. Our total disbursements during the quarter ended 30th September, 2013 stood at Rs. 549 crores, thereby taking our total loan book to Rs. 3,125 crores.
We would constantly endeavor to maintain our growth trajectory with emphasis on renewable energy and diversification across energy value chain. The renewable projects constitute about 40% of our total loan book. We would continue to proactively focus on the renewable energy portfolio thereby aiding quality growth."
Performance for the quarter ended Sep'13
For quarter ended Sep'13, Interest income was up by 50% to Rs 109.45 crore. Interest expense however was up by 102% to Rs 48.83 crore, as cost of funds increased by 50 bps y.o.y to 8.7% and yield on loan asset came down by 62 bps y.o.y., resulting in spread down by 111 bps to 4.88% and NIM down by 183 bps to 6.92% y.o.y. Thus NII was up by only 24% to Rs 60.62 crore.
There was no other income as compared to an other income of Rs 9 lakh for Sep'12 quarter. Operating expense was up by 164% to Rs 12.97 crore. Operating expense include MTM forex loss of Rs 6.24 crore as compared to Rs 0.12 crore for Sep'12 quarter. Provisions stood at Rs 2.19 crore, up by 51% y.o.y, thus PBT stood at Rs 45.46 crore, up by 7% y.o.y. After providing total tax of Rs 15.45 crore, up by 12% y.o.y, PAT for Sep'13 quarter was up by 4% at Rs 30.01 crore.
Performance for the half year ended Sep'13
For H1 FY'14, PFS reported net sales of Rs 195.66 crore, up by 47% y.o.y. Interest expense was up by 99% to Rs 85.70 crore, as NIM was down by 192 bps to 6.93% resulting a NII of Rs 109.96 crore, up by 22% y.o.y. For H1 FY'14, the other income stood at Rs 1 lakh as compared to Rs 21 lakh for H1 FY'13, resulting total income of Rs 109.97 crore, up by 22% y.o.y.
Operating expense was up by 120% to Rs 23.32 crore. Operating expense include MTM forex loss of Rs 9.34 crore as compared to forex loss of Rs 1.88 crore for H1 FY'13. Provision for H1 FY'14 stood at Rs 4.14 crore as compared to Rs 3.28 crore for H1 FY'13. Thus PBT was up by only 8% to Rs 82.51 crore. Total tax was up by 13% to Rs 28.06 crore and PAT for H1 Sep'14 stood at Rs 54.45 crore, up by 5% 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
Debt sanctioned at Rs 10132 crore, as on Sep'13.
Total outstanding loan assets stood at Rs 3125 crore as on Sep'13
Capital Adequacy Ratio as on Sep'13 stood at 32.31%
Promoter's shareholding as on Sep'13 stood at 60% and none of the shares are pledged.
The stock is currently trading at Rs 11.30.
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