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Analyst Meet / AGM
10-Nov-16
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Conference Call
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PTC India Financial Services
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Expects to sustain loan growth of 30-40%
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PTC India Financial Services (PFS) conducted a conference call on 10 November 2016 to discuss the financial results of the company for the quarter ended September 2016. Ashok Haldia, MD&CEO, Pawan Singh, Director Finance & CFO addressed the call:
Highlights:
- The absence of profit on sale of equity investment in Q2FY2017 compared with Rs 207 crore in Q2FY2017 has impacted the revenues of the company. Thus, the total income of the company declined 24% to Rs 335.06 crore, while Profit After Tax declined 60% to Rs 84.9 crore Q2FY2016. However, excluding this base effect impact, the PAT is showing strong growth of 118% in Q2FY2017.
- During the quarter, one loan account with an exposure of Rs 125 crore, earlier identified as nonperforming, was upgraded as Standard Asset resulting into interest income recognition of Rs 23.83 crore during Q2FY2017.
- The account was upgraded after all current dues were cleared. The account relates to a pithead thermal power project with the capacity of 1200 MW being set up at Thalchar in Odisha. The company has acquired the land required for the project and all clearances are in place. However, the promoter is facing challenge in additional equity raising.
- There was no fresh slippages of loans to NPA category in Q2FY2017. Gross NPAs of the company declined to Rs 403.86 crore at end September 2016 from Rs 529 crore at end June 2016.
- GNPA ratio improved to 4.29% at end September 2016 from 5.83% at end June 2016. However, the Net NPA ratio dipped sharply to 2.86% at end September 2016 from 4.53% at end June 2016. The company has continued to excess provisions above RBI norms. The overall provision stands at 35% against the regulatory requirement of 10-20%.
- The loan sanctions increased 62% to Rs 3081 crore and disbursements moved up 29% to Rs 881 crore in Q1FY2017. The cumulative sanctions moved up 18% qoq to Rs 18200 crore at end September 2016.
- The loan book of the company increased 30% to Rs 9418 crore at end September 2016. The company is also diversifying into the sectors such as road and ports from business as well as risk diversification perspective. The company expects to sustain 30-40% loan growth, going forward.
- The loan book consists of renewable projects (46%), thermal projects (28%), hydro (3%) and others (23%).
- Fresh restructuring of advances was Rs 199 crore in Q2FY2017. Restructured advance book of the company increased to Rs 635 crore at end September 2016 from Rs 435 crore at end June 2016. The restructured advances are restructured only account of extension of date of completion of the projects.
- The yield on loan assets were substantially higher at 13.19% in Q2 FY2017, on account of additional interest income recognition on account upgraded. The yield excluding the impact of interest income recognition stood at 12.46%, while the company expects yields to remain under pressure.
- The capital adequacy ratio of the company is strong at 23.11% at end September 2016, while the company aims to maintain capital adequacy ratio above 20%. The company is raising equity from the promoter, while the market equity capital raising may happen after one year.
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