PTC India Q3 Results: Net profit was ₹9.7 billion, down 7% year-on-year.
However, the company’s total revenue rose to Rs 3,483.93 crore from Rs 3,146.91 crore a year ago.
The expenses jumped to Rs 3,353.099 billion from Rs 3,038.60 billion in the third quarter of the last fiscal.
PTC India Ltd, led by the Indian government, is a pioneer in pioneering the Indian electricity market. The company has maintained a leading position in power trading since its inception.
Trading activity includes long-term trading of power generated from large-scale power projects, including renewable energy, and short-term trading resulting from supply and demand mismatches.
In a separate statement, CMD Rajib K Mishra said, “The company’s overall (power) trading volume increased by 5% during the first nine months of FY24. This increase in volume is supported by strong trading margin of 3.52 paisa/unit”. Volumes during the third quarter of fiscal 2024 declined primarily due to increased consumption in Bhutan and lower cross-border trading volumes due to volatility in the short-term power trading market, he explained. The company has maintained strong business performance this quarter and nine months, he said.
However, he added: “We have decided to resolve a long-standing issue with one of our customers, which has led us to reserve a provision. Our results also show a temporary decline in premium income in line with our established accounting procedures and the economic cycle. ., seasonal factors”.
“Parameters such as rebate income (which showed an increase of over 30% in the third quarter of fiscal 2024) and surcharge income are better evaluated on an annual basis. Our subsidiaries have consistently improved their financial results, demonstrating significant improvement in performance. I gave it to you.” famous.
“Our subsidiary, PFS, has embarked on a path of strategic transformation, starting with a comprehensive reorganization of its management team. This move is aimed at addressing the obstacles faced over the past few quarters,” he added.
He pointed out that with a firm commitment to improving the quality of its asset portfolio, PFS is poised to achieve continued growth and success in the coming years.
PTC-backed Hindustan Power Exchange (HPX) is making significant progress in its business activities.
“HPX is gradually expanding its market presence and solidifying its position as a reliable and efficient platform for the power trading sector,” he said.
Consolidated earnings per share (EPS) declined to Rs 2.68 in Q3-24 compared to Rs 3.10 in Q3-2023.
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