Power Finance Corporation Limited · NSE:PFC
Power Finance — Q4 FY2017 Earnings Presentation
20 slides from Power Finance's earnings presentation, May 29, 2017
Slide 1: Performance Highlights Quarter/Year Ended 31st March, 2017
Funding for a Brighter Tomorrow…. Power Finance Corporation Limited A Navratna PSU Performance Highlights Quarter/Year Ended (Standalone, Audited) 31st March, 2017
Slide 2: Realignment with RBI's RRR norms
Realignment with RBI’s RRR norms PFC has been following MoP, GoI approved prudential norms for loans sanctioned till 31.3.2015. Now in Q4-FY17, PFC has realigned with RBI prudential norms for these loans w.e.f. 1.4.2015 and made provisioning accordingly. The impact of realignment with RBI norms is s
Slide 3: Highlights – FY17 vs. FY16
Highlights – FY17 vs. FY16 Sanctions increased by 55% to ` 1,00,603 crore from ` 65,042 crore Disbursements increased by 35% to ` 62,798 crore from ` 46,588 crore Loan Assets increased by 1% to ` 2,40,169 crore from ` 2,37,462 crore Net Worth (Share Capital + All Reserves) increased by 2% to ` 36,47
Slide 4: Comparable Profit
Comparable Profit (Y/E – March, ` crore) Comparable Profit Q4 FY17 Q4 FY16 % change FY17 FY16 % change Reported PAT (3,409) 1,260 -371% 2,126 6,113 -65% Adjustments (post-tax): Impact of realignment with RBI RRR norms 3,786 - 3,786 - Income reversal on Standard loan asset * 281 - 281 - Provision for
Slide 5: Profit & Loss Account
Profit & Loss Account (Y/E – March, ` crore) Income Statement# Q4 FY17 Q4 FY16 FY17 FY16 Interest Income 5,568 6,645 26,491 27,259 Interest Expense (4,030 ) (4,080 ) (16,326 ) (16,091 ) Net Interest Income 1,538 2,565 10,165 11,168 Other Income * 142 114 326 135 Operating Costs (53) (37) (354) (293)
Slide 6: Balance Sheet
Balance Sheet (Y/E – March, ` crore) Liabilities 31.03.2017 31.03.2016 Shareholders' Funds 36,470 35,766 Non-Current Liabilities 174,841 172,550 Long-term Borrowing 251 302 Deferred Tax Liabilities (net) 6,143 549 Other Liabilities 2,545 1,229 Long-term Provisions Current Liabilities 25,346 20,363 C
Slide 7: Balance Sheet
Balance Sheet (Y/E – March, ` crore) Assets 31.03.2017 31.03.2016 Non-Current Assets Fixed Assets 63 64 Non-Current Investments 2,266 2,267 Long-term Loans 200,333 200,036 Other Assets 5,451 315 Current Assets Current Investments 1,326 411 Cash & Bank Balances 3,573 78 33,877 33,622 Current Maturity
Slide 8: Key Indicators
Key Indicators (Y/E – March, ` crore) Key Indicators Q4 FY17 Q4 FY16 FY17 FY16 Sanctions (excluding R-APDRP) 27,236 22,412 100,603 65,042 R-APDRP Scheme – Sanctions 185 17,882 3,045 19,747 Disbursements (excluding R-APDRP) 28,383 18,105 62,798 46,588 R-APDRP Scheme- Disbursements 1,198 413 3,914 995
Slide 9: Key Indicators
Key Indicators Key Indicators Q4 FY17 Q4 FY16 FY17 FY16 Yield on Assets* # 9.32% 11.46% 11.14% 12.05% Cost of Funds* # 8.36% 8.52% 8.41% 8.62% Interest Spread* # 0.96% 2.94% 2.73% 3.42% Net Interest Margin* # 2.57% 4.43% 4.28% 4.94% Return on Average Assets @ -ve 2.08% 0.84% 2.57% Return on Average
Slide 10: Sanctions – Composition
Sanctions – Composition (Y/E – March, ` crore) Sanctions Q4 FY17 Q4 FY16 FY17 FY16 Discipline-wise Amount % Amount % Amount % Amount % Generation 9,645 35% 12,075 54% 41,794 42% 38,235 59% Transmission 9,180 34% 3,782 17% 16,666 17% 6,050 9% Distribution # 883 3% 2,031 9% 5,697 6% 4,513 7% Others* 7
Slide 11: Disbursements – Composition
Disbursements – Composition (Y/E – March, ` crore) Disbursements Q4 FY17 Q4 FY16 FY17 FY16 Discipline-wise Amount % Amount % Amount % Amount % Generation 9,744 34% 10,556 58% 25,767 41% 26,377 57% Transmission 1,345 5% 898 5% 3,605 6% 2,160 5% Distribution 452 2% 618 3% 1,580 3% 1,546 3% Others* 16,
Slide 12: Outstanding Sanctions as on 31.03.2017
Outstanding Sanctions as on 31.03.2017 (Y/E – March, ` crore) O/S Sanctions where Total Outstanding Particulars doc. executed & disb. doc. executed but disb. doc. not executed Sanctions commenced not commenced Discipline-wise Generation 45,138 27,149 21,463 93,750 Transmission 14,608 5,586 11,335 31
Slide 13: Loan Assets – Composition
Loan Assets – Composition (Y/E – March, ` crore) Loan Assets* 31.03.2017 31.03.2016 Discipline-wise Amount % Amount % Generation 183,379 75% 171,740 72% Transmission 16,607 7% 14,613 6% Distribution 6,443 3% 7,387 3% Others** 39,095 16% 45,180 19% Total 245,525 100% 238,920 100% Borrower - wise Stat
Slide 14: Loan Quality & Provisions
Loan Quality & Provisions (Y/E – March, ` crore) Particulars 31.03.2017 31.03.2016 Gross NPAs 30,702 7,519 Less: Provisions (5,356 ) (1,458 ) Net NPAs 25,346 6,061 As a % of Loan Assets: Gross NPAs 12.50% 3.15% Net NPAs 10.55% 2.55% As a % of Loan Assets (without Impact of realignment with RBI RRR n
Slide 15: Borrowing Profile
Borrowing Profile (Y/E – March, ` crore) 31.03.2017 31.03.2016 Borrowings Amount % Amount % Bonds 190,911 94% 172,339 86% Term Loans 9,277 5% 20,574 10% Short Term Loans 2,401 1% 7,572 4% Total 202,588 100% 200,484 100% of which: Rupee Denominated 194,144 96% 189,709 95% Foreign Currency Loans 8,444
Slide 16: Resource Profile
Resource Profile (Y/E – March, ` crore) 31.03.2017 31.03.2016 Resources Amount % Amount % Shareholders’ Funds 36,470 15% 35,766 15% Reserve for bad & doubtful debts (included in Shareholder’s Funds) 3,015 2,547 Deferred Tax Liability 251 0.1% 302 0% Interest Subsidy Fund 110 0.05% 107 0.05% Bonds (D
Slide 17: Major Loans Sanctioned in FY17
Major Loans Sanctioned in FY17 Amt. Description (` in crore) CENTRAL/ STATE/ JOINT SECTOR 2x800 MW Uppur TPP in Tamilnadu 5,387 2x660 MW Jawaharpur TPS in UP 3,152 1x660 MW Sagardighi TPS in West Bengal 2,704 PRIVATE SECTOR 150 MW Solar PV Project – Azure Power 398 226 MW Wind Power Project – Skeiro
Slide 18: Shareholding Pattern
Shareholding Pattern Holding (%) Category 31.03.2017 31.03.2016 President of India 66.35% 67.80% FIIs & FPIs 15.51% 13.34% Indian FIs & Banks 9.51% 12.74% Bodies Corporate 1.44% 1.39% Resident Individuals 3.19% 2.68% Mutual Funds 3.25% 1.50% Employees 0.06% 0.06% Others 0.70% 0.49% Total 100% 100% S
Slide 19: DISCOMS – Loan Assets Status (UDAY)
DISCOMS – Loan Assets Status (UDAY) ( Amt. ` in Crore) Loan Balances as on Loans Prepaid Loan Balances as on States Normal Repayments 30.09.2015 under UDAY 31.03.2017 MoU Status – Signed ANDHRA PRADESH 2,529 10 2,500 19 BIHAR 56 42 14 CHATTISGARH 145 5 140 - GUJARAT 4 2 1 HARYANA 4,128 256 3,872 1 H
Slide 20: Thank You!
Thank You! 20 Funding for a Brighter Tomorrow….