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Power Finance Corporation Limited
Sector:Financial Services Financial Services - Financial Institutions
BSE:532810NSE:PFCBloomberg:POWF@INReuters:PWFC.BO
Market Lot: 1Face Value: 10ISIN Demat: INE134E01011
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13-Jun-2017
Business Profile
Power Finance Corporation (PFC), a Government of India undertaking under the administrative control of the ministry of power, provides a range of fund-based and non fund-based support to the Indian power sector. PFC was set up in July 1986 as a Financial Institution and was notified as a public financial institution in 1990. The chairman and managing director is V.K. Garg.

PFC provides financial products and services like project term loans, lease financing, direct discounting of bills, short term loans, consultancy services, ..etc., for various power projects in the generation, transmission, distribution sectors as well as for renovation and modernization of existing power projects. PFC is a long-term financier for the power sector and lends mainly for projects in generation, transmission and distribution of power. It also lends to renovation and modernization projects. The generation segment, thermal and hydel, accounts for two-thirds of its outstanding loans while transmission and distribution segments account for 11% and 6% respectively.

The company along with ministry of power is working together on nine ultra mega power projects (UMPP) each having capacity of about 4,000 MW. The company spearheads the government`s ambitious push for UMPP and has floated separate special purpose vehicle subsidiaries for each of the identified UMPP projects. These subsidiaries are responsible for securing all statutory clearances and will be transferred to the successful bidders of these projects.

The clients of the company include state power utilities, central power sector utilities, power departments, private power sector utilities (including independent power producers), joint sector power utilities, power equipment manufacturers and power utilities run by local municipalities.

The registered office is at Urjanidhi, 1, Barakhamba Lane, Connaught Place, New Delhi-110001.


Financials
The company reported rise of 23.23% in standalone net profit on y-o-y basis to Rs 19.50 billion, while total income increased 0.99% y-o-y basis to Rs 70.63 billion for the quarter ended December 2016.

Recent Developments
13-JUN-17
Power Finance Corporation (PFC) has received the government approval for issuing bonds, redeemable after three years and eligible for exemption from capital gains tax. This will enable PFC to raise funds for long-term through issuance of tax-free bonds under Section 54EC of the Income Tax Act.

10-AUG-16
Power Finance Corporation disclosed a small rise in standalone net profit for the quarter ended June 2016. During the quarter, the profit of the company rose 8.65% to Rs 17,125.50 million from Rs 15,762.10 million in the same quarter previous year.

03-JUN-16
Power Finance Corporation (PFC) announced that the board of directors of Shree Maheshwar Hydel Power Corporation approved transfer of 6,57,46,779 equity shares of Rs 10 each in favour of PFC pursuant to invocation of shares pledged by its promoters in favour of PFC in terms of pledge deed dated 30 November 2006.

16-AUG-15
largely in line with our estimate, on a 22% YoY increase in NII. However, a sharp QoQ jump in provisions and operating expense was a dampener. Asset quality deteriorated

16-AUG-15
largely in line with our estimate, on a 22% YoY increase in NII. However, a sharp QoQ jump in provisions and operating expense was a dampener. Asset quality deteriorated

27-JUL-15
The Government of India (GoI) has launched an offer for sale (OFS) of 66 million equity shares of Power Finance Corp (PFC) face value of Rs 10 each representing 5% of the total paid up equity share capital of the company.

16-JUN-15
Power Finance Corporation (PFC), announced that for the purpose of raising external commercial borrowing up to USD 1 billion, the company has mandated Barclays Bank PLC, Standard Chartered Bank and SBICAPS (Singapore) to organize meetings with proposed investors in relation to issue of the Notes.

07-MAY-15
CRISIL has reaffirmed `AAA/Stable` rating on the debt programmes and bank facilities of Power Finance Corporation (PFC). The ratings continue to reflect the company`s strategic importance to the Government of India (GoI) because of the key role that the company plays in financing the Indian power sector, and its majority ownership by GoI.



Future Plans
The company intends to promote private sector participation in electricity generation, transmission and distribution in line with the government`s focus on increasing competition in this sector. It also intends to diversify its borrower portfolio by funding coal, lignite, oil and gas companies and infrastructure agencies that transport and handle fuel for power projects.

It will raise around Rs 1.5 billion via sale of bonds.

The company is expected to slash its lending rates by about 25 basis points to realign them with market rates, its average lending rate is about 11.75%. PFC is likely to raise about Rs 150-to-200 billion from the market. Bulk of this is likely to be through bonds.

The firm is likely to disburse about Rs 240 billion this year. Last year, the company disbursed about Rs 210 billion.



In Brief

 
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