PFS profit declines by 67% to Rs 6.9 cr in Oct-Dec

PTC India Financial Services (PFS) Ltd on Saturday reported a 67 per cent decline in its consolidated net profit to Rs 6.93 crore in the third quarter ended December 2021.

The company's net profit stood at Rs 20.85 crore in the October-December period of the previous fiscal.

Its total income also fell to Rs 241 crore in Q3 FY22 as against Rs 269.39 crore in the same quarter a year ago, PFS said in a regulatory filing.

The company is yet to declare fourth quarter result of FY'22.

The company board has been reconstituted with the appointment of four independent directors on March 29, 2022. Now the company is on track of normalization of business operations, PFS said in a statement.

There have been allegations of compromise on corporate governance leading to resignation of all independent directors over the issue.

Earlier in January, all three independent directors of PTC India Financial Services (PFS), which is a systemically-important Non-Banking Finance Company (NBFC) — put in their papers.

Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew T resigned on the grounds of corporate governance issues at the company.

The statement further said the total outstanding credit i.e. aggregate of loan assets and non-fund based commitments against sanctioned loans, stood at Rs 9,836 crore as of December 31, 2021.

Loan assets aggregated to Rs 9,800 crore and outstanding non-fund-based commitments aggregated to Rs 36 crore, it said, adding, Capital Adequacy Ratio as of December 31, 2021, stood at 22.50 per cent.

The company has made additional provision of Rs 29.49 crore in case of IL&FS, however management is expecting to recover this amount in future considering the positive developments, it said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)