PTC India Q4 Net surges 86% to Rs 69 crore
Power trading firm PTC India reported 86% jump in net profit to Rs 68.91 crore for the quarter ended March 31 on Monday, driven by higher electricity trading volumes.business Updated: May 26, 2014 15:35 IST
Power trading firm PTC India reported 86% jump in net profit to Rs 68.91 crore for the quarter ended March 31 on Monday, driven by higher electricity trading volumes.
The company had a net profit of Rs 37.03 crore in the same period a year ago. The numbers are on a standalone basis.
In the fourth quarter of last fiscal, the firm's total revenue climbed to Rs 2,848.62 crore from Rs 2,198.74 crore in the corresponding period.
"The company continued to witness a robust growth trend on the back of increase in volumes from multiple business segments," PTC India said in a statement on Monday.
"A healthy trend was witnessed in the volume growth from long term trades (including cross-border), with 1,771 MUs (million units) being traded in Q4 FY14 compared to 1,392 MUs during Q4 FY13, an increase of 27.23%," it added.
Besides, the retail segment --- where electricity is sold directly to business -- witnessed higher volumes.
According to the company, which has over 40% share in the power trading market, a comprehensive strategy to maintain and enhance presence in multiple business segments is showing early gains."
The company is on course to tie-up about 11 GW (gigawatts) generation capacity on long-term basis by FY16, and is actively converting these into power-sale agreements, the statement said.
For the year ended March 2014, PTC India reported a consolidated net profit of Rs 360.84 crore. In the corresponding period, the same stood at Rs 198.28 crore.
Total revenue grew to Rs 12,099.08 crore in the last financial year, compared to Rs 9,199.39 crore recorded in the same period a year ago.
On a standalone basis, the company's net profit climbed to Rs 251.23 crore in the 2013-14 period compared to Rs 128.74 crore in the previous financial year.
During this period, PTC registered total revenue of Rs 11,510.71 crore compared to Rs 8,856.87 crore posted in the 2012-13 period.
"We remain optimistic about steady growth in our business volumes and expect the pace to improve going forward.
"Strong balance sheet, robust cash flows and more than a decade of experience in the sector puts PTC in a position to benefit from opportunities that any changes in policy and regulation provide," PTC India Chairman and Managing Director Deepak Amitabh said.