PTC India, the leading provider of power trading solutions in India, on Saturday reported a jump of 4.14 times in its quarterly net profit.
The company posted a net profit of Rs. 907.8 million for the quarter ended December 31, 2013 as compared to Rs. 218.8 million for the same quarter last year.
Total Income has increased by 46.56% to Rs 27.51 billion for the quarter ended December 31, 2013 as compared with Rs. 18.77 billion for the corresponding quarter, a year ago.
The company’s volumes witnessed substantial y-o-y growth on the back of increase in volumes in multiple business segments. During Q3FY14, the company registered a 40% increase in traded volumes at 8,236 MUs against 5871 MUs during Q3FY13.
Commenting on the results, Deepak Amitabh, chairman & managing director, PTC India said, "I am happy to present a robust quarterly performance for our company. The volumes during the quarter have increased to 8236 MU in Q3FY14 as compared to 5871 MU in Q3FY13, an increase of 40%. The company has also been able to realize a surcharge amount of Rs 1.38 billion, mainly from UPPCL, for delayed payments, of which about Rs. 730 million is the net realization for PTC.
The company, during the quarter, has commenced supply of 250 MW power to Bangladesh. Further, the company tied up (through LOIs / PPAs) sale of power on Long Term basis for about 1100 MW to the Utilities of Rajasthan, Uttar Pradesh and Tamil Nadu.
Despite the vagaries related to the power sector, we remain optimistic about the growth in our business volumes and expect a healthy pace to continue going forward. Strong balance sheet, robust cash flows and decades of experience in the sector puts PTC in a position to benefit from any opportunity that comes its way. The successful performance of our subsidiaries is a testament to the same."
Shares of the company declined Rs 3.25, or 5.35%, to settle at Rs 57.55. The total volume of shares traded was 668,649 at the BSE (Friday).