PFC

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					                                                                                              Regd off: Urjanidhi, 1, Barakhamba Lane, Connaught Place, New Delhi - 110 001
POWER FINANCE CORPORATION LTD.                                                                E-Mail:    ipo@pfcindia.com
                                                                                              Web site: www.pfcindia.com
                                                                                              Telephone: (011) 2345 6740 Fax: (011) 2345 6740
INVESTMENT & FINANCE                                                     GOVERNMENT           Tr agent: Karvy Computershare,Karvy House,46, Banjara Hills, Hyderabad-34
Chairman: Satnam Singh (MD)                                                      SEC: J. S. Amitabh                                      AUD: K. K. Soni & Co.
Yr of Inc   B. Code      BL. Code      F.V.         Price        % ch 1-m        % ch 12-m      P/E       P/CF           Yield         Mkt cap               Vol.             ISIN
 1986   532810           POWF:IN       10           242.3          7.4             84.2         13.9      14.0            1.7          278,047.3             256.8        INE134E01011
SHAREHOLDING                                                      FX Transaction (FY09)                              ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 89.8%                Exports (fob)          Rs m         0                (Rs)
Foreign collaborators      :   0.0%               Imports (cif)          Rs m         0
Indian inst/Mut Fund       :   3.6%               Fx inflow              Rs m         0         325
FIIs/GDR                   :   3.9%               Fx outflow             Rs m     1,512                                                                       DAILY
Free float                 :   2.8%               Net fx                 Rs m -1,512
Shareholders               : 189,109
                                                                                                275                                                           100 DMA

                           No. of months                   12             12            12
                             Year ending             31/03/07       31/03/08      31/03/09      225
EQUITY SHARE DATA
High                                   Rs                121              297          189
Low                                    Rs                101              101            86     175
Income per share                       Rs               33.3             43.8         57.3
Earnings per share                     Rs                8.6             10.5         17.2
Cash flow per share                    Rs               14.0             17.2         21.7
                                                                                                125
Dividends per share                    Rs               2.41             3.50         4.00
Avg Dividend yield                     %                 2.2              1.8           2.9
                                                                                                 75
Book value per share                   Rs               74.9             81.3        100.3
Shares outstanding (eoy)               m            1,147.77        1,147.77      1,147.77        Feb-07             Oct-07           May-08             Jan-09               Aug-09
Bonus/Rights/Conversions                                   PI                -            -
Avg Price / Income ratio               x                  3.3              4.5          2.4                               No. of months                12             12            12
Avg P/E ratio                          x                12.9             18.9           8.0                                 Year ending          31/03/07       31/03/08      31/03/09
                                                                                               CASH FLOW
Avg P/CF ratio                         x                12.9             19.0           7.9
Avg Price/Bookvalue ratio              x                 1.5               2.4          1.4    From Operations                         Rs   m      -71,651          -62,611   -107,315
Dividend payout                        %                28.0             33.3         23.2     From Investments                        Rs   m         -410              -77        267
Avg Mkt Cap                            Rs m          127,316         228,406       157,818     From Financial Activity                 Rs   m       73,488           64,356    104,493
No. of employees                       `000            <500             <500         <500      Net Cashflow                            Rs   m        1,428            1,668     -2,555
Total wages & salary                   Rs m              249              498          442
Avg. income/employee                   Rs Th       121,551.0       162,760.5     207,974.7                                       INTERIM RESULTS
Avg. wages/employee                    Rs Th           793.0          1,611.7      1,398.7                                           2QFY09  3QFY09             4QFY09         1QFY10
Avg. net profit/employee               Rs Th        31,407.6        39,055.0      62,648.7     Operating income            Rs    m    15,850  17,160             18,169         18,915
                                                                                               Gross Profit                Rs    m     5,482   5,862              6,568          7,030
INCOME DATA                                                                                    Gross profit margin         %            34.6     34.2              36.1           37.2
Interest income                        Rs     m        38,167         50,293        65,720     Net profit                  Rs    m     4,154   4,072              4,313          4,918
Other income                           Rs     m             94           108           276     Net profit margin           %            26.2     23.7              23.7           26.0
Interest expense                       Rs     m        23,061         30,795        40,893
Net interest income                    Rs     m        15,106         19,498        24,827                                           KEY DATA
Operating expense                      Rs     m         1,111          1,840         4,970     Parameters                          Unit              FY07             FY08       FY09
Gross profit                           Rs     m        13,995         17,658        19,857     ROCE                                %                   9.9             10.5       11.1
Gross profit margin                    %                 36.7           35.1          30.2     Debt / Equity                       x                   3.1              3.7        4.0
Provisions/contingencies               Rs     m            -11           -59            78     Operating margin                    %                  36.7             35.1       30.2
Profit before tax                      Rs     m        15,116         17,825        20,055     ROE                                 %                  11.5             12.9       17.2
Extraordinary Inc (Exp)                Rs     m              0             0             0     Net profit margin                   %                  25.8             24.0       30.1
Minority Interest                      Rs     m              0             0             0
                                                                                                                                      NOTES
Prior Period Items                     Rs     m          -143             52             0
Tax                                    Rs     m         5,111          5,809           258    Power Finance Corporation (PFC) is a leading power sector public financial institution
Profit after tax                       Rs     m         9,862         12,068        19,797    and a non-banking financial company (NBFC) providing fund and non-fund based
                                                                                              support for the development of the Indian power sector. PFC commenced its
Net profit margin                      %                 25.8           24.0          30.1
                                                                                              operations in fiscal 1988 as part of the Government of India's initiative to enhance
BALANCE SHEET DATA                                                                            funding of power projects in India. It initially provided funding to power projects for
                                                                                              state electricity boards (SEBs) and power departments. In line with the government's
Advances                               Rs     m      439,028         515,683       644,290    decision to encourage private sector participation, it began financing power projects
Yield on advances                      %                  8.6             9.6         10.0    in the private sector from fiscal 1997. It has been designated as the nodal agency by
Net Interest Margin                    %                  3.4             3.8           3.9   the Government of India for the development of seven ultra mega power projects. As
Net fixed assets                       Rs     m          815             770           736    of November 30, 2006, the company had incorporated seven wholly owned
Share capital                          Rs     m       11,478          11,478        11,478    subsidiary companies to act as special purpose vehicles (SPVs) for these projects.
Free reserves                          Rs     m       29,927          33,266        50,458    The NBFC was granted 'Navratna' status in 2007.
Net worth                              Rs     m       85,931          93,299       115,175
Borrowings                             Rs     m      269,336         344,558       462,353    In FY09, PFC reported 25% YoY growth in net interest income on the back of 25%
Investments                            Rs     m          589             656           351    YoY growth in advances. Despite of decline in approvals, disbursements were higher
                                                                                              by 30%. The difference in sanctions and disbursements is because PFC is a project
Total assets                           Rs     m      466,634         547,005       682,434
                                                                                              driven organization. Net interest margin improved from 3.7% in FY08 to 3.8% in
Debt/equity ratio                      x                  3.1             3.7           4.0
                                                                                              FY09.The quality of PFC's loan portfolio continued to be excellent, with gross non-
Return on assets                       %                  2.1             2.2           2.9   performing loans at just 0.02% of total loan portfolio.
Return on equity                       %                11.5            12.9          17.2
Capital adequacy ratio                 %                18.3            17.2          17.2    PFC will continue to maintain its good asset quality position due to its strong credit
Net NPAs                               %                  0.1             0.0           0.0   and project appraisal skills and disciplined risk management practices. Its ability to
                                                                                              access long term funding sets it apart from financial institutions in the private sector.
                                                                                              Given the investment opportunities in infrastructure segment, particularly power, the
                                                                                              growth potential is immense. The softening of interest rates also reduces the
                                                                                              likelihood of bad debts.

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posted:11/6/2010
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