PTC India Q3 net plummets to Rs 7 crore

Electricity trading firm PTC India's net profit for the third quarter this fiscal plunged to Rs 7 crore due to one-time provision of Rs 33 crore.

The company had reported Rs 91 crore profit the year-ago period.

Total income from operations increased by 5% to Rs 2,823.24 crore during the period under from Rs 2,751.47 crore in the corresponding period of the last financial year, PTC India said in a BSE filing.

PTC India said it plans to divest a part of its long-term investment in Teesta Urja Limited (TUL) so that Government of Sikkim can acquire 51% against its present holding of 26%.

The share of TUL was valued below the face value and for sale/transfer of such shares, there will be a loss of Rs 6.52 crore for which provisions have been made in the accounts.

Shares of PTC India closed over 6% down at Rs 87.55 apiece on the BSE.