PTC India Financial Services reported a loss due to elevated provisioning in the March ended quarter. Speaking to CNBC-TV18, Pawan Singh, MD and CEO of the company said that it is targeting 15-20 percent increase in disbursement.
“Despite the challenge of COVID in the first quarter and also towards the end of this year, disbursement for the year was close to about Rs 2,700 crore, which was very close to our budgeted figure of Rs 3,000 crore. We expect that in this current year, the COVID problem will be behind us, and we hope to do substantially better than not only what we had budgeted, but also in terms of what we have actually done. So, we are hoping to do at least 15-20 percent more than what we have disbursed last year,” he said.
Singh also said that the net NPA figure has come down to 3.2 percent and gross NPA stands at Rs 525 crore.
“If you look closely, Rs 217 crore is NRSS, Rs 125 crore is NSL, and roughly Rs 150 crore is in Meenakshi. So, roughly Rs 525 crore is in terms of gross NPA, in terms of net NPA, it is close to Rs 350-400 crore. We are hoping to bring down our net NPA in maximum 1-2 quarters,” he said.
He also said that the cost of borrowing has declined to 8 percent.For the full interview, watch the video.