PTC India Financial slips after weak Q4 results

PTC India Financial Services fell 2.35% to Rs 14.95 at 10:00 IST on BSE after net profit fell 61.7% to Rs 24.23 crore on 33.6% decline in total income to Rs 77.07 crore in Q4 March 2013 over Q4 March 2012.

The result was announced after market hours on Friday, 17 May 2013.

Meanwhile, the BSE Sensex was up 121.97 points, or 0.60%, to 20,408.09.

On BSE, 74,000 shares were traded in the counter as against an average daily volume of 1.10 lakh shares in the past one quarter.

The stock hit a high of Rs 15.16 and a low of Rs 14.70 so far during the day. The stock had hit a 52-week high of Rs 20.28 on 27 November 2012. The stock had hit a 52-week low of Rs 13.10 on 14 August 2012.

The stock had outperformed the market over the past one month till 17 May 2013, rising 8.50% compared with the Sensex's 8.30% rise. The scrip had, however, underperformed the market in past one quarter, sliding 0.26% as against Sensex's 4.20% rise.

The small-cap company has an equity capital of Rs 562.08 crore. Face value per share is Rs 10.

PTC India Financial Services' (PFS) net interest income (NII) surged 66% to Rs 41.60 crore in Q4 March 2013 over Q4 March 2012. Net interest margin (NIM) decreased to 8.12% in Q4 March 2013, from 8.79% in Q4 March 2012. Spread in Q4 March 2013 improved to 5.42%, from 4.76% in Q4 March 2012. NII considered for NIM does not include interest income of Rs 1.46 crore earned on temporary surplus funds, included in other operating income of Rs 7.34 crore for Q4 March 2013, PFS said in a statement.

The company's cost of funds stood at 8.18% in Q4 March 2013, as against 9.89% in Q4 March 2012.

PFS' total effective debt sanctioned surged 58% to Rs 9999 crore as on 31 March 2013, from Rs 6335 crore as on 31 March 2012. Total outstanding debt registered a growth of 81% at Rs 2296 crore as on 31 March 2013, from Rs 1266 crore as at 31 March 2012.

PFS' net profit fell 32.4% to Rs 104.16 crore on 6.7% decline in total income to Rs 286.52 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).

Commenting on the company's performance, Mr. Deepak Amitabh, CMD, PFS said, "We are happy to announce a healthy set of results for the quarter and year ended 31 March 2013. PFS continues to deliver superior spreads on the back of high yields on one hand and optimal cost of funds on the other. The company is also judiciously growing its loan book while maintaining nil NPAs. The profit after tax (PAT) for FY 2013 stands at Rs 104.16 crore, compared to Rs 154.04 crore in FY 2012. Excluding profit on sale of equity investments, PBT and PAT have grown by 109% and 111% respectively in FY 2013. Excluding profit on sale of equity investments during previous year, the return on networth has increased to 8.6% in FY 2013 compared to 4.51% in FY 2012".

PFS' board of directors at a meeting held on Friday, 17 May 2013, recommended final dividend of 40 paise per share for FY 2013.

PFS is promoted by PTC India as a special purpose investment vehicle to provide total financial services to the entities in energy value chain, which inter-alia includes investing in equity and/or extending debt to power projects in generation, transmission, distribution; fuel sources, fuel related infrastructure like gas pipelines, LNG terminals, ports, equipment manufacturers and EPC contractors etc. PFS also provides non-fund based financial services adding value to green field and brown field projects at various stages of growth and development.

Powered by Capital Market - Live News