PTC India Reports net Profit of Rs 100 Crore in April-June Quarter

PTC India has posted a consolidated net profit of just over Rs 100 crore (100.6) for the April – June quarter, witnessing a 7 percent increase YoY.

PTC India, a power trading solutions provider, has reported its financial results for the April – June quarter of the financial year 2020. The company has managed to post a consolidated net profit of just over Rs 100 crore (100.6), witnessing a 7 percent increase YoY. The company’s net profit for the April-June period of 2019 was Rs 93.26 crore, it revealed in a regulatory filing.

Despite the jump in net profits, the company reported a fall in total income. As income fell to  Rs 4,641 crore during the quarter, from Rs 5,415 crore in the year-ago period. However, total expenses also reduced to Rs 4,499 crore, as compared to Rs 5,275 crore earlier, which helped in generating the profit.

In a separate statement, the company’s CMD Deepak Amitabh said, “While the demand for traded electricity was impacted initially, the gradual restoration of economic activity has seen a revival of demand to levels comparable to the corresponding period last year.”

“Positive results of structural initiatives taken by the government of India in the wake of COVID-19 are now visible, and we remain cautiously optimistic,” he added.

In May 2019, we had reported on the financial results of PTC Financial Services for the financial year 2018-19. For PFS the total revenue for the year stood at Rs 1,336.51 crore, which was Rs 151.36 crore more than the company reported in the previous year (FY 2017-18) at Rs 1,185.15 crore. From 2017-18 to 2018-19 the company witnessed an increase in revenues by nearly 12.7 percent. Profit before Tax (PBT) and Profit after tax (PAT) for the year ended March 31, 2019, stood at Rs 281 crore and at Rs 184.14 crore respectively.

More recently, PTC India Financial Services had revealed that the Income Tax Department has processed its return of income for the assessment year 2019-20 (the financial year 2018-19) and determined a refund of ~Rs 135 crore (Rs 134.91 crore). The amount includes an interest of Rs 5.81 crore. The firm has intimated that the funds will be used for further financing of green projects.

“The above refund is expected to be received shortly and will be utilised in financing sustainable and environmental-friendly infrastructure projects related to green energy, water sewage treatment plants, and electric vehicle charging stations,” the company said in a statement.