PTC Fin Service
PTC India Financial Services is doing very well today morning on the back of its encouraging numbers for Q4Fy14 and FY14. The stock has hit a new 52-week high today at Rs.19.50 and it continues to remain around the same levels.
This 60% subsidiary of India’s largest power trader PTC India, for Q4 reported a NIM of Rs.65 crore, up 56% (YoY) with a whopping 91% jump up in net profit at Rs.46 crore. NIM has also come in pretty healthy at 6.91% v/s 4.49%. The most enthusing part of the numbers was the ‘nil’ NPA, with a total outstanding assets growth at 4974 crore, up 117%. Gross NPA was also negligible at 0.09% v/s 0.15% in Q3.
The company ended FY14 with a 39% jump in NII at Rs.213 crore and a 99% jump in net profit at Rs.208 crore. NIM for the year was at 6.92% v/s 4.57%. The company's disbursements during FY14 stood at Rs. 3,071 crore, up 130%. Total debt sanctioned stood at Rs. 10,303 crore as of March 31.
The infra financing company, lending both debt as well as equity, clocked RoA (not annualized) of 3.84% for FY14 v/s 3.59% in FY13. As of 31st March 2014, its capital adequacy ratio is 25.23%, down from 42.01% as of 31st March 2013.
The market is also pretty upbeat about its decision to set up an Asset Management Company (AMC), which will launch a PE fund with a corpus of Rs.250-300 crore and will be a subsidiary of PFS. The proposed private equity fund will put in seed money in various energy companies. 20% of the initial corpus of the proposed PF fund will come from PFS and its promoter company PTC India Limited put together.