Hot Chips - Power Finance Corp.
Jayashree / 02 Aug 2010
Power Finance Corporation (PFC) in the recently concluded quarter June 2010 has posted better results driven by growth in loan book and margin expansion. The stock can be looked at for a short to medium-term gain.
Power Finance Corporation (PFC) in the recently concluded quarter June 2010 has posted better results driven by growth in loan book and margin expansion. PFC’s disbursements grew by 87 per cent on a YoY basis to Rs 81.3 billion. It has also shown improvement on the net interest margin front which increased to 4.09 per cent in Q1FY11 as against 3.93 per cent on a QoQ basis. Its loan assets increased by 29 per cent to Rs 856 billion and its NPAs remained constant at 0.01 per cent. Against the minimum Capital Adequacy Ratio (CAR) of 10 per cent, PFC has maintained a CAR of 17.38 per cent as on June 2010. PFC has decided to approach the RBI to enable it to be classified as an infrastructure financing company and to tap capital markets in the next 12-18 months to meet the CAR requirement of 15 per cent under the IFC status. The stock can be looked at for a short to medium-term gain.
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