Thus there was a 57% fall in PBT to Rs 30.04 crore. After providing total tax of Rs 14.23 crore, down by 39% YoY, PAT for the Mar'15 quarter stood at Rs 15.81 crore, down by 66% YoY.

Fee based income for Q4 FY2015 at Rs.15.70 crore.

Yield on loan assets stood at 13.46% in Q4 FY2015.

Net Interest Margin (NIM) and Spread stood at 6.03% and 4.15% respectively for Q4 FY2015.

Performance for the year ended Mar'15

For the year ending Mar'15, Interest income stood at Rs 801.89 crore, up by 73% y.o.y. Interest expense stood at Rs 400.93 crore, up by 92% resulting in 57% increase in NII at Rs 400.96 crore. The other income stood at Rs 2 lakh. Operating expense was up by 53% to Rs 55.65 crore. Provisions including standard provisions and provisions in respect of equity investments stood at Rs 100.01 crore as compared to Rs 16.56 crore for the year ended Mar'14.

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'15, thus, PBT after profit on sale of investments stood at Rs 245.32 crore for year ended Mar'15 as compared to Rs 284.88 crore for the year ended Mar'14. After paying total tax of Rs 84.43 crore, up by 9% YoY, PAT for the 12 months ended Mar'15 stood at Rs 160.89 crore, down by 23% YoY.

Yield on loan assets improved to 13.71% in FY2015 compared to 13.64% in FY2014.

Net Interest Margin (NIM) and Spread stood at 6.30% and 4.33% respectively for FY2015.

Other updates

Net NPA stood at Rs 63.38 crore as on Mar'15 as compared to Nil for Mar'14.

Book Value per share as on Mar'15 stands at Rs 25.6. Adjusted Book Value per share as on Mar'15 stood at Rs 24.4.

Total outstanding loan assets grew by 28% to Rs 6379 crore as on Mar'15 from Rs 4974crore as on Mar'14.

Total debt sanctioned stood at Rs.10908 crore.

The company has recommended a dividend of Rs 1 per share of face value of Rs 10 each for FY 2014-15.

Update on Provisions and Loans and others

The profits for quarter and year have been adversely affected by one time provisions in respect of one equity investment and some loan assets.

Equity investment

RS India Wind Energy Private Limited (RSIWEPL): PFS had made an equity investment in RSIWEPL to the extent of Rs 61.12 crores, for a 37% stake, for setting up a proposed 99.45 MW wind based power project in Maharashtra and other related investments in the sector. The project was expected to be commissioned by July 2008. However, till date, only 41.25 MW has been commissioned. Triggered by this delay, following prudent accounting norms, PFS had already provisioned for Rs 31.39 crore in Q2 FY15 based on the valuation exercise carried out

Subsequently, it has come to our notice that RSIWEPL had misrepresented various facts based on which PFS believes that it was induced to make the said investment. Consequently a criminal complaint has been filed against RSIWEPL and its promoters. Pending the outcome of the complaint, following prudent accounting and governance practices, PFS has now provisioned for the balance amount Rs. 29.73 crore during the quarter ended 31st March 2015. PFS continues to focus its efforts towards the recovery of the amount invested in RSIWEPL.

PFS continues to monitor its equity investments and profits from sale of equity investments are recognised at opportune time. The Company has recognised a profit of about Rs. 221.78 crore from sale of equity investments during FY2011-15 and continues to focus on available opportunities for realising profits from its investments.

Loan accounts

PFS has recognised non-performing assets to the extent of Rs. 77.31 crore, in respect of 3 loan accounts and has made a provision of Rs. 13.92 crore in respect of such assets during FY2015. These accounts were already restructured in earlier years. Additionally, a provision of Rs. 14.05 crore is made voluntarily, in line with prudent accounting practices, in respect of PFS' exposure to one gas based power project which has already been restructured in an earlier year.

Key recent developments – master cooperation agreement with IFC

PFS has become the first institution in India, and the 26th globally, to sign IFC's master cooperation agreement.

This will help standardize steps that lenders take when co-financing projects with IFC.

This shall help in reducing the financing costs for borrowers and the borrowers shall also have access to global best practices including IFC's environmental and social guidelines.

Others

The renewable portfolio constitutes the largest proportion at about 39% of the loan assets

PFS expects to maintain the momentum of growth in loan assets and focus on renewable projects and potential available in the sector.

Adjusted profits: After excluding the effect of one time provisions in FY15 and one time revenue (income from sale of equity investment) in FY14, PFS adjusted profit for FY'15 is up by 65% YoY to Rs 334.40 crore as against Rs 202.69 crore in FY'14.