Power Finance Corp – Key highlights of 1QFY12 earnings :RBS

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■ In 1QFY12, PFC reported 5% yoy growth in net profit to Rs6.9bn.
■ However, adjusted for one-offs and exchange gains/loss, the adjusted net profit increased
14% yoy to Rs7.2bn.
■ Net interest income grew 15.4% yoy to Rs9.9bn in 1QFY12.
■ The reported spreads fell 37bp yoy to 2.28% in 1QFY12 (2.5% in FY11).
■ The company has recognised an exchange loss of Rs765m in 1QFY12 vs a Rs672m loss in
1QFY11 (Rs250m gain in 4QFY11).
■ Loan assets grew 22% yoy (up 4.5% qoq) to Rs1,041bn as of June 2011.
■ Loan sanctions grew 17% yoy to Rs169bn.
■ Disbursements fell 24% yoy to Rs62bn (down 48% qoq)
■ The book value per share as of June 2011 was Rs138 and the reported earnings per share
for the quarter is Rs5.6.
At the current price, the stock trades at 7.8x FY12F earnings and 1.1x FY12F book value.