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By Malvika Gurung
Investing.com — Shares of the NBFC PTC India Financial Services (NS:) zoomed and hit an upper circuit of 5% on Friday at Rs 15.55 apiece in an otherwise weak domestic market, thereby defying the Street’s mood.
Equity benchmark indices traded 0.53% lower and declined 0.51% or 313.25 points at the time of writing. Sectoral indices like and dropped up to 0.5% in the session as well.
The small-cap stock surged after a multifold jump in its net profit during the financial year 2021-22 on a YoY basis.
The financial lending arm of power trading solutions provider PTC India (NS:) reported a whopping 407% rally in its profit after tax at Rs 129.98 crore for FY22, compared to Rs 25.6 crore in FY21.
In a delayed earnings announcement, PFS announced that its profit before tax stood at Rs 33.53 crore in FY22 and at Rs 24.98 crore in Q4 FY22.
It stated in the release that the Forensic Audit report has no findings of fraud or diversion of funds or material financial impact on the financials of the company.
During the quarter ending March 2022, the NBFC’s Return on Assets improved to 1.03%, compared to 1.86% in the year-ago period, while the Capital Adequacy ratio stood at 26.71%, thereby providing a strong cushion for growth and expansion.
According to the company’s management commentary, “We have worked through all the challenges with gumption and resolve and the results showcase our efforts. The financial statement for FY 2022 shows that the company is now positioned to grow at a rapid pace. We have re-generated a pipeline of new loan proposals related to various sunshine sectors.”
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