PTC India tumbles on dismal Q3 numbers

PTC India fell 7.91% to Rs 86.20 at 9:48 IST on BSE after net profit declined 92.70% to Rs 6.63 crore on 7.87% rise in net sales to Rs 2818.97 crore in Q3 December 2014 over Q3 December 2013.

The result was announced after market hours yesterday, 5 February 2015.

Meanwhile, the BSE Sensex was up 25.39 points, or 0.09%, to 28,876.36.

On BSE, so far 5.12 lakh shares were traded in the counter, compared with an average volume of 3.22 lakh shares in the past one quarter.

The stock hit a high of Rs 89 and a low of Rs 84.25 so far during the day. The stock hit a 52-week high of Rs 104.75 on 18 November 2014. The stock hit a 52-week low of Rs 52.05 on 14 February 2014.

The stock had underperformed the market over the past one month till 4 February 2015, rising 0.52% compared with 3.57% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 2.88% as against Sensex's 3.67% rise.

The small-cap company has an equity capital of Rs 296.01 crore. Face value per share is Rs 10.

PTC India said it will divest part of its long term investment in Teesta Urja (TUL) to Government of Sikkim. The Sikkim Government will hike its stake in TUL to 51% from 26%. On current fundamentals of the project, the share of TUL was valued below the face value and for sale of such shares, there will be a loss of Rs 6.52 crore for which a provision has been made in the accounts. On conservative basis, PTC India has made a provision of Rs 26.69 crore on the balance of its holding, but for this provision, the PAT of company would have been Rs 33.32 crore. Once the project is completed this valuation will be revisited, the company said.

The company added that it received surcharge of Rs 4.27 crore in Q3 December 2014 compared with Rs 138.23 crore in Q3 December 2013, from sundry debtors on amounts overdue on sale of power which has been included in other operating income. Accordingly, no surcharge expense was paid to sundry creditors in Q3 December 2014 compared with a surcharge expense of Rs 65.28 crore in Q3 December 2013, which has been included in "other operating expenses".

PTC India provides power trading solutions in India. Its primary focus is to develop a commercially vibrant power market in the country.

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