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PTC India Q4 net surges 86% to Rs69 crore

LiveMint logoLiveMint 26-05-2014 PTI

New Delhi: Power trading firm PTC India Ltd on Monday reported 86% jump in net profit to `68.91 crore for the quarter ended 31 March, driven by higher electricity trading volumes.

The company had a net profit of `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 `2,848.62 crore from `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 today.

“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 `360.84 crore. In the corresponding period, the same stood at `198.28 crore.

Total revenue grew to `12,099.08 crore in the last fiscal, compared to `9,199.39 crore recorded in the same period a year ago. On a standalone basis, the company’s net profit climbed to `251.23 crore in the 2013-14 period compared to `128.74 crore in the previous fiscal. During this period, PTC registered total revenue of `11,510.71 crore compared to `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.

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