PTC India Q3 profit falls 30 pc to Rs 63 cr

Power trading company PTC India on Thursday said its consolidated net profit during December quarter 2019 dipped 30 per cent to Rs 63.49 crore.

The company had logged a profit of Rs 90.20 crore in the year-ago period, a statement said.

"Net Profit decreased by 30 per cent to Rs 63.49 crore (in third quarter) from Rs 90.20 crore (year ago) on account of subsidiaries," it said.

Total income rose to Rs 3,834.42 crore from Rs 3,309.58 crore in October-December 2018.

The power trading volume of the company in the quarter increased 5 per cent to 54329 million units (MU) from 51860 MU a year ago.

The company is in the business of power and investment. Consultancy income has not been reported separately as the same being insignificant.

"PTC has successfully sustained the trading volumes during the present quarter which is marked by challenging demand scenario for power offtake. We expect to witness a gradual turnaround of the power demand in coming quarters. We are confident of maintaining our leadership position based upon our diversified business portfolio going forward," Chairman & Managing Director Deepak Amitabh said.

PTC India, an initiative of the government, is the pioneer in starting a power market in India. The company has maintained its leadership position in power trading since inception.

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