New Delhi, Feb 14 (PTI) Power trading solutions provider PTC India on Wednesday reported over 7 per cent fall in its consolidated net profit to Rs 97.04 crore for the December 2023 quarter, impacted by higher expenses.
It had clocked a net profit of Rs 104.48 crore in the year-ago period, the company said in an exchange.
The company’s total income, however, increased to Rs 3,483.93 crore from Rs 3,146.91 crore a year ago.
Its expenses surged to Rs 3,353.09 crore from Rs 3,003.86 crore in the third quarter last fiscal.
PTC India Ltd, a government of India initiative, is the pioneer in starting a power market in India. The company has maintained its leadership position in power trading since its inception.
The trading activities involve long-term trading of power generated from large power projects, including renewables and short-term trading arising as a result of supply and demand mismatches.
In a separate statement, its CMD Rajib K Mishra said, “The 9 months of FY24 have witnessed a 5 per cent increase in overall (power) trading volumes for the company. This increase in volume is supported by a robust trading margin of 3.52 paisa/unit”.
The volumes during the Q3 FY24 were subdued primarily due to lower cross-border volumes from Bhutan due to their increased consumption and the volatility in the short-term power trading market, he explained.
In the current quarter and nine months, our company has maintained its strong business performance, he noted.
However, he said, “We have elected to resolve a longstanding issue with one of our customers, leading to booking a provision. Also, our results show a temporary decrease in our surcharge income, which is in accordance with our established accounting procedures and cyclical, seasonal factors”.
“Parameters like Rebate Income (which shows an increase of over 30 per cent for Q3 FY24) and Surcharge Income are better evaluated on an annualised basis. Our subsidiary companies have consistently enhanced their financial outcomes, demonstrating a robust improvement in their performance,” he noted.
“PFS, a subsidiary of our company, has embarked on a strategic path of transformation, beginning with a comprehensive overhaul of its management team. This move is aimed at addressing the hurdles encountered in the last few quarters,” he added.
With a steadfast commitment to enhancing the quality of its asset portfolio, PFS is poised for sustained growth and success in the forthcoming years, he pointed out.
Hindustan Power Exchange (HPX), supported by PTC, is achieving significant advancements in its business activities.
“HPX is progressively expanding its market footprint and affirming its position as a reliable and efficient platform within the power trading sector,” he said.
The EPS (earning per share on a consolidated basis) decreased to Rs 2.68 in Q3 FY24 compared to Rs 3.10 in Q3 FY23. PTI ABI KKS ABI BAL BAL
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