PTC India Q1 net profit up 15.77% at Rs 65.35 cr

PTC India reported 15.77 per cent jump in standalone net profit at Rs 65.35 crore in the first quarter ended June, on back of higher revenues.
The company had reported a standalone net profit of Rs 56.45 crore in the quarter ended on June 30, 2016, PTC India said in a statement.
According to statement, total revenue has increased by 20.78 per cent to Rs 4,401.77 crore in the quarter under review as against Rs 3,644.33 crore in the year-ago period.
The Earnings Per Share (EPS) for the quarter stood at Rs 2.21 as compared to Rs 1.91 in the same period of last year.

Similarly, the volumes (power trade) has increased by 16 per cent to 14,182 million units in the first quarter from 12,221 million units in the corresponding period.
Commenting on the results, PTC India Chairman and Managing Director Deepak Amitabh said in the statement,"The quarter witnessed growth rates in the range of 15-20 per cent in operating and financial metrics primarily led by a steady increase in longer term trade volumes. Growth in the shorter term end of the trades and the consulting business also contributed to the robust performance."

He also said,"The first of its kind auction 1,000 MW wind power capacity at Ministry of New & Renewable Energy (MNRE) initiative laid the foundations for future trading potential from renewable projects. The PTC is well on track to meet its long-term business plan related objectives."

The statement said that the company signed power purchase agreements (PPAs) for sale of 1,050 MW of wind power projects auctioned by the MNRE.
Besides, the agreement for Cross Border Trade with Chukha hydro electric plant in Bhutan extended for further period. It also extended agreement for cross border trade with Bangladesh.