PFS Q2 profit Jumped Five-fold, Net NPA UP 283 Bps to 3.08 Per Cent
Chirag Gothi / 10 Nov 2015
PTC India Financial Services (PFS) is a non-banking finance company promoted by PTC India Ltd. It has posted a more than five-fold increase in net profit for the quarter ended September 30, 2015, still stock price slide more than 10 per cent due to reported higher non-performing assets.
PTC India Financial Services (PFS) is a non-banking finance company promoted by PTC India Ltd. It has posted more than five-fold increase in net profit for the quarter ended September 30, 2015, still the stock price slid more than 10 per cent due to reported higher non-performing assets.
The company posted an over five-fold increase in net profit after tax at Rs 211.25 crore for the quarter ended September 30, 2015 as compared to Rs 38.13 crore net profit in the year-ago period, it said in a filing to BSE.
The total revenue for Q2 FY16 increased by 122 per cent to Rs 442.28 crore compared to Rs 199.39 crore in Q2 FY15. The profit from sale of investments stood at Rs 206.93 crore during Q2FY16.
The Net Interest Income (NII) for Q2FY16 grew by 13 per cent, to Rs 94.55 crore compared to Rs 83.58 crore in corresponding period of the last year.
Yield on loan assets stood at 12.62 per cent in Q2FY16, whereas cost of borrowed funds reduced to 9.05 per cent during Q2FY16 compared to 9.39 per cent in Q2FY15. Net Interest Margin (NIM) and Spread stood at 5.58 per cent and 3.57 per cent respectively for Q2FY16.
The Asset quality deteriorated as on sequential basis, while gross non-performing assets (NPA) increased (up 283 basis points Q-o-Q) to 4.07 per cent from 1.24 per cent and net NPA rose (up 206 basis points Q-o-Q) to 3.08 percent from 0.97 per cent. In absolute term, gross NPA climbed 260 per cent Q-o-Q to Rs 293.7 crore and net NPA increased 240.7 per cent on Q-o-Q to Rs 216 crore.
For six months ending September 30, 2015, the company’s net profit at Rs 85.9 crore, rose by 71.6 per cent Y-o-Y. The company's revenue at Rs 668.88 crore registered a growth of 10.69 per cent Y-o-Y. The NII for H1FY16 grew by 21 per cent, to Rs 196.22 crore as compared to Rs 161.61 crore in H1FY15.
The stock opened at Rs 45 and touched a low of Rs 42.75 on the BSE. Currently, the scrip of PFS was quoting at Rs 42.90, down Rs 4.95, or 10.34 per cent on the BSE.
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