PTC India Q2 net grows 5% to Rs 111 crore

Power trading solutions provider PTC India today posted a 4.5% rise in standalone net profit at Rs 110.66 crore for the September quarter.

The company's net profit in the corresponding quarter last year was Rs 96.31 crore, it said in a regulatory filing.

The company's total income from operations dropped to Rs 3,520.99 crore, from Rs 4,212.29 crore in the year-ago period.

"The company has reported a flat growth in power trading volumes due to an environment of low purchases from state discoms. We have, however, continued to consolidate the market in medium term, which has grown almost 43% during the quarter," Chairman and MD Deepak Amitabh said.

"We believe that with the reopening of medium-term market for power traders in the revised policy document, the trading opportunities in the power trading market will increase in near future. The company also strengthened its position in the long term business with the commissioning of new projects."

The company started to supply 361 mw to Uttar Pradesh Power Corporation Ltd from MB Power's thermal power project in Annupur, Madhya Pradesh, under a long-term arrangement.

Furthermore, the company has been awarded a contract by DVC to sell its surplus power for 2015-16.

It will remain focussed on increasing its presence in multiple business segments like long-, medium- and short-term sales to utilities as well as the non-utility retail segment.

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

The trading activity undertaken by PTC includes long-term trading of power generated from large projects as well as short-term one arising out of supply and demand mismatches.

The stock was trading at Rs 65.70 on BSE in the afternoon trade.