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PTC India Financial Services (PFS) reported a 82% increase in Interest income to Rs 199.39 crore with NII at Rs 105 crore, up by 73% YoY. Operating expenses was down by 11% to Rs 10.14 crore and higher investment provisions resulted in an increase in total provision to Rs 34.64 crore, up by 819% YoY. Thus PBT stood at Rs 60.23 crore, up by 33% YoY. After providing total tax of Rs 22.10 crore, PAT for Sep'14 quarter stood at Rs 38.13 crore, up by 27% YoY.
Commenting on the performance for Q2 & H1 FY 2015, Mr. R M Malla - Managing Director & CEO said:
‘This has been another quarter of growth for PFS. Our revenues for the quarter are up by 82% while net interest income is at 67%. We expect the momentum that we have achieved in this quarter as well to continue. With the recent deal with PFC Green Energy we expect a boost to our renewable energy portfolio.'
Fee based income grew by 105% to Rs 14.79 crore YoY.
Yield on loan assets improved by 13.77% in Q2 FY'15 compared to 13.57% YoY. NIM and Spread stood at 6.49% and 4.38% respectively for Q2 FY'15.
Performance for the half year ended Sep'14
Interest income was up by 90% to Rs 372.61 crore with NII at Rs 188.54 crore, up by 71% YoY. Operating expenses were down by 6% with provisions up by 380% to Rs 37.71 crore due to higher provisions related to investments. After providing total tax of Rs 42.12 crore, PAT for the half year ended Sep'14 stood at Rs 90.25 crore, up by 66% YoY.
Fee based income for H1 FY 2015 was up by 69% to Rs 18.73 crore YoY.
Yield on loan assets improved by 13.8% in H1 FY'15 as compared to 13.26% for H1 FY'14. NIM and spread stood at 6.5% and 4.38% respectively for H1 FY'15.
Performance for the year ended Mar'14
For the year ending Mar'14, Interest income stood at Rs 463.96 crore, up by 62% y.o.y. Interest expense stood at Rs 208.38 crore, up by 106% resulting in 38% increase in NII at Rs 255.58 crore. The other income stood at Rs 3 lakh. Operating expense was up by 46% to Rs 36.34 crore. Provisions were up by 221% to Rs 16.56 crore. There was a profit on sale of investment income of Rs 82.17 crore for 12 months ended Mar'14 as compared to Nil for 12 months ended Mar'12, thus resulting in PBT after sale of investment income to Rs 284.88 crore, up by 83% YoY. After paying total tax of Rs 77.17 crore, up by 51% YoY, PAT for the 12 months ended Mar'14 stood at Rs 207.71 crore, up by 99% YoY.
Other updates
PFS reported Nil Net NPAs.
Total debt sanctioned stood at Rs 10562 crore.
Total outstanding loan assets grew by 78% to Rs 5551 crore as on Sep'14.
Capital Adequacy Ratio as on Sep'14 stood at 26.8%
Promoter's shareholding as on Sep'14 stood at 60% and none of the shares are pledged.
The stock is currently trading at Rs 55.
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