Finance · POWF
Finance - PSU Lending
from 420 today
PFC reported PAT of INR 47.5bn, up 5% YoY, though down 25% QoQ, on the back of credit cost reversal, while the loan book was down 2% QoQ and disbursements declined 50% QoQ. Maintain BUY with an unchanged SoTP-based TP of INR 520.
PFC reported a weak quarter with muted loan growth and pressure on NIM, though earnings were beaten by provision writebacks. We reiterate our BUY rating with a target price of INR500.
We cut our FY27/FY28 EPS by ~2%/5%, primarily to reflect lower loan growth and margin contraction, partly offset by lower credit costs. We reiterate our BUY rating with an SoTP (Mar’28E)-based TP of INR500.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
