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Strong growth outlook: The surge in power sector projects in the past few years, especially from the private sector, has led to a sharp increase in funding requirements, visible in PFCs huge outstanding loan sanctions of Rs1.7lakh crore. This alone provides high loan growth visibility in the next few years (we have factored in a 25% CAGR in loan growth over FY2012–13E). Moreover, with banks having seen a 47% CAGR in power sector lending in the past two years, their exposures in most cases have reached close to board-mandated limits, creating even more space for specialised lenders such as PFC to grow. This will be further aided by the companys expanded net worth post the FPO and higher concentration limits pursuant to an infrastructure finance company (IFC) status.Download Full Report