PTC India Limited announced its financial results for the second quarter ended September 30, 2015 on Wednesday. Net profit of the company increased by 4.52 per cent year-on-year to Rs 100.66 crore. Bottomline figures of the power trading firm stood at Rs 96.31 crore in the corresponding quarter a year ago.
During the quarter under review, net sales of the company fell 17.01 per cent YoY to Rs 3,479.91 crore.
Commenting on the results, Deepak Amitabh, chairman and managing director, PTC India, said, “The company has reported a flat growth in power trading volumes due to an environment of low purchases intend from the state Discoms. We have however continued to consolidate the market in medium term, which has grown by almost 43 per cent during the quarter.”
“We believe that with reopening of medium term market for Power Traders in revised policy document, the trading opportunities in the power trading market will increase in near future. The company also strengthened its position in the long term business with the commissioning of new projects,” he further added.
Earnings per share (EPS) for the quarter stood at Rs 3.40 compared to Rs. 3.25 in Q2FY15
The company has started supply of 361 MW power to Uttar Pradesh Power Corporation Limited under Long Term arrangement from MB Power’s thermal power project in Annupur, Madhya Pradesh. Further, company has been awarded a contract by DVC to sell its surplus power for FY16.
In a release PTC India, said, “The company will remain focused on increasing its presence in multiple business segments like long term, medium term and short term sales to utilities as well as to the non-utility (Retail) segment.”
Shares of PTC India were trading 2.33 per cent up at Rs 65.85 on BSE in the afternoon trade (at 1.10 pm).