PTC India records all-time high trade volume of 87,515 MU in 2021-22

The availability of coal, sustainable power from renewable sources and weather driven electricity demand patterns are new challenges of the sector which also present opportunities for bespoke solutions, he said.The company is developing its technology solutions and service offering for the evolving market, he added.Our consultancy business continues to make deeper inroads with a 24 per cent increase in consultancy income and winning orders in newer and complex segments.

Power trading solutions provider PTC India traded all-time high volume of 87,515 million units during 2021-22, registering a growth of 9 per cent as compared to the previous fiscal, according to a company statement.

In the March quarter, the trade volume increased by 6 per cent to 17,329 MUs from 16,279 MUs in the same period a year ago.

Earnings per share (EPS) stood at Rs 14.35 per share for 2021-22 on a standalone basis.

Its consulting income for the March quarter has grown by 24 per cent to Rs 11.25 crore vis-a-vis Rs 9.05 crore in the corresponding quarter of FY21.

Rajib K Mishra, CMD In-charge and Director (M&BD) at PTC India, said, ''The company has exceeded the benchmark of all-time high traded volumes set last year. PTC has traded over 87 billion units for the financial year 2021-22. While the seasonality in a particular quarter is a function of supply-demand dynamics, resulting in a 6 per cent growth in quarter four volumes.'' He said the power demand continues to rise as economic activities have resumed fully post COVID-led disruptions.

The growth has been primarily driven by short term trades and the exchange traded segments, he added.

''As always, PTC continues to trade in every segment of the market. The availability of coal, sustainable power from renewable sources and weather driven electricity demand patterns are new challenges of the sector which also present opportunities for bespoke solutions,'' he said.

The company is developing its technology solutions and service offering for the evolving market, he added.

''Our consultancy business continues to make deeper inroads with a 24 per cent increase in consultancy income and winning orders in newer and complex segments. The business development team of PTC has also taken initiatives in emerging business opportunities of Battery Energy Storage System (BESS) and Green Hydrogen. ''PTC is committed to make continual investments in its people and processes to build capabilities and create solutions for a market in transformation. We are confident that all our initiatives will drive our growth going forward, '' he said.

On Tuesday, PTC India posted an over two-fold jump in its standalone net profit at Rs 155.89 crore for the March quarter.

The company had reported a standalone net profit of Rs 63.35 crore in the year-ago period, according to a BSE filing.

The company's total income decreased to Rs 2,833.34 crore in the quarter from Rs 3,595.63 crore.

The standalone net profit for the full fiscal year 2021-22 rose to Rs 424.81 crore from Rs 410.25 crore in FY21.

Total income in the fiscal also dipped to Rs 15,637.62 crore from Rs 16,992.03 crore in previous year.

The company's board in its meeting held on Tuesday considered and approved the standalone financial results of FY22. However, it has deferred the proposal for consideration of the second interim dividend for FY22, it said.

The company explained that if a listed entity has subsidiaries, it shall, while submitting annual audited standalone financial results, also submit annual audited consolidated financial results to stock exchanges.

PTC India Financial Services Limited (PFS), a subsidiary of the company, through its letter dated May 30, 2022, informed the stock exchanges that it shall publish the financial results for the quarter and financial year ended March on completion of the forensic audit at the earliest, it said.

Therefore, the company could not prepare the annual consolidated financial results due to non availability of annual audited financial results of PFS, it added.

As the completion of forensic audit of PFS may take time, the company is publishing and submitting to stock exchanges its annual standalone financial results. It would publish and submit to stock exchanges its annual consolidated financial results after the financial results of PFS is received, the company said.