PTC India Q1 net up 47.42% at Rs 43.74 crore

State-run PTC India, a leading provider of power trading solutions, today reported a 47.42 per cent increase in net profit for the quarter ended June 30 at Rs 43.74 crore on the back of increase in traded volumes.
The company had reported a net profit of Rs 29.67 crore in the corresponding quarter last fiscal, a release issued here said.
Among its plans the company expects to purchase power from Bhutan's 118 MW Nikachhu hydel plant which is to be commissioned in 2019.
PTC India's total revenues for the April-June quarter increased 33.17 per cent to Rs 3,689.54 crore from Rs 2,770.46 crore in Q1 FY14.

"The company's volumes witnessed substantial growth on the back of increase in volumes in multiple business segments.
"During Q1 FY15, the company registered a 22 per cent increase in traded volumes at 10,309 miilion units (MUs) against 8,418 million units during the same quarter last fiscal," company's Chairman and Managing Director Deepak Amitabh said.

A healthy trend was maintained in the volume growth from long term trades, including cross border, with 3,425 MUs being traded during the quarter compared to 2,931 MUs during Q1FY14, registering an increase of 16.85 per cent, he said.
"The company remains 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 retail (direct-to-business) segment. We have already tied-up more than 11,000 MW of generation capacity on long term basis, and converting this into power-sale agreements," Amitabh said.

The retail business continued to grow with execution of agreements for direct supply of power to clients like Delhi Metro Rail Corporation (DMRC), Indian Railways, amongst others, he said.
The company has already executed long term power sale agreements for more than 7,100 MW, which also includes cross border sales.
"Our long term business segment was further strengthened with the commencement of supply of power, 200 MW each, to Haryana and Uttar Pradesh on long term basis from Jaypee Karcham Wangtoo hydroelectric project," he said.
In July, the company received letter of intent (LoI) from Tangsibji Hydro Energy Limited (ThyE), Bhutan, for purchase of power from their 118 MW Nikachhu power plant there. The project is expected to get commissioned in 2019.

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