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PTC India Financial gains on receiving tax refund

Capital Market 

PTC India Financial Services (PFS) rose 2.86% to Rs 18 after the company said that the Income Tax Department has processed its refund of Rs 115.57 crore for the assessment year 2019-20 (financial year 2018-19).

PFS said it may utilize the refund amount in financing sustainable environmental friendly infrastructure projects related to green energy, water sewage treatment plan, electric vehicle charging station etc.

The stock has surged 165.48% from its 52-week low of Rs 6.78 hit on 24 March 2020. It hit a 52-week high of Rs 20.50 on 25 August 2020.

PTC India Financial Services' consolidated net profit jumped 69.8% to Rs 26.56 crore on a 15.4% decline in total income to Rs 298.11 crore in Q1 June 2020 over Q1 June 2019.

PTC India Financial Services (PFS) is a non-banking finance company promoted by PTC India. PFS has been granted the status of an infrastructure finance company (IFC) by the Reserve Bank of India. The company offers an array of financial products to infrastructure companies in the entire energy value chain. PFS also provides fee-based services viz loan syndication and underwriting etc.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 17 2020. 12:46 IST