PTC India posts 80% jump in net profit at Rs 114 cr in December qtr

PTC India on Friday posted a nearly 80 per cent rise in consolidated net profit at Rs 114.15 crore for the December quarter.

The company had reported a consolidated net profit of Rs 63.49 crore in the quarter ended December 31, 2019, it said in a BSE filing.

Total income of the company stood at Rs 3,795 crore in the quarter as against Rs 3,834.42 crore in the same period a year ago.

The group is in the business of power and investment.

"PTC witnessed an all round volume growth led by the short term trades. This volume growth has been seen on the back of revival of economic activities, festival demand and Covid led changes in electricity consumption," PTC India Ltd Chairman and Managing Director Deepak Amitabh said.

The timely fiscal intervention by the central government has aided demand creation and this year's budgetary focus on spending, development of industrial infrastructure is likely to further consolidate electricity demand in the country, he added.

"The highest ever met demand of 185.82 GW in Jan-21 revalidates fiscal and monetary initiatives. We remain cautiously optimistic of consolidating our leadership position based on the emerging opportunities in the coming quarters," he added.

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 inception. PTC has also been mandated by the government to trade electricity with Bhutan, Nepal and Bangladesh.

The trading activities undertaken by PTC include long-term trading of power generated from large power projects, including renewables, as well as short-term trading arising as a result of supply and demand mismatches, which inevitably occur in various regions of the country.