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PTC India's net profit dipped 27 per cent to Rs Rs 95.69 crore

Devdiscourse News Desk new delhi Last Updated at 13-11-2018 22:03:26 IST India

PTC India's standalone net profit dipped 27 per cent to Rs Rs 95.69 crore for the quarter ended on September 30, 2018, compared to the year-ago period due to lower dividend income from subsidiaries.

The company's standalone net profit was Rs 130.54 crore in the quarter ended on September 30, 2017, a BSE filing said.

According to the statement, total revenue increased by 30 per cent to Rs 4,534.98 crore in the quarter as against Rs 3,488.42 crore a year ago.

Electricity sales volumes increased by 32 per cent to 22,143 MUs (million units) in the quarter from 16,813 MUs year ago. Its operating margin increased by 25 per cent to Rs 91.09 crore in the second quarter from Rs 72.66 crore year ago.

The earnings per share (EPS) for the quarter stood at Rs 3.23 compared to Rs 4.41 in the year-ago period.

Commenting on the results, Deepak Amitabh, Chairman & Managing Director, PTC India said, "The consistency in the trading volume growth continued in the present quarter ably supported by the margin. The operationalisation of 400 MW (out of 1050 MW) of wind power to our portfolio is a testimony to our unique initiative to trade in long-term renewables, which got materialized in the present quarter."

He further said, "Going forward, we feel that the market is moving towards a new balance to create a strong medium-term market with an increased role of an aggregator in the system. The newer addition of 1900 MW medium term PPA/ PSA (power purchase agreement/power sale agreement) to our portfolio from the stressed thermal assets is illustrative of the same."

During the quarter, the business mix of the company has tilted to the short-term business. Short term has contributed around 55 per cent of the volume and balance has been contributed by the long and medium term.

Around 400 MW of long-term power was operationalised in this quarter. The effect of these contracts shall be visible in the coming quarters. The capacity is expected to contribute around 1.5 BUs (billion units) to the total trading volume. In the consulting business, the order book addition has been more than Rs 11 Crores and the total order book is now at Rs 93 Crores, it added.

The company is in the business of power and all other activities revolve around it, as such, there are no separate reportable segments in respect of standalone results. Revenue from the operation of the company includes the sale of electricity and service charges.

(With inputs from agencies.)

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