PTC India Limited, the leading provider of power trading solutions in India, announced its consolidated financial results for the Third Quarter Nine Months ended on 31st December, 2022.
Consolidated Profit After Tax (PAT) increased to INR 104.48 Crores for Q3FY23 compared to INR 62.91 Crores in Q3 FY22, an increase of 66 %. Consolidated Profit Before Tax (PBT) increased to INR 141.82 Crores for Q3FY23 compared to INR 84.42 Crores in Q3FY22, an increase of 68%.
The core operating margin on standalone basis realized during Q3 FY 23 is INR 48.02 Crores against INR 48.81 Crores in Q3 FY 22. The traded volume was 15,530 MUs in Q3FY23 compared to 19,483 MUs in Q3FY22, the decline is primarily on account of decrease of around ~ 3.72 BUs in low margin power exchanges traded volumes.
Financial performance for 9M FY23
Consolidated Profit After Tax (PAT) decreased to INR 377.81 Crores for 9MFY23 compared to INR 394.56 Crores in 9MFY22, a decrease of 4%. Consolidated Profit Before Tax (PBT) decreased to INR 509.32 Crores for 9MFY23 compared to INR 528.86 Crores in 9MFY22, a decrease of 4%.
Commenting on the results, Dr. Rajib K Mishra, CMD (Addl-charge), PTC India Ltd., said, “We are pleased to declare the standalone and consolidated financial Results for Q3 & 9M FY23. It is also pertinent to note that the auditor qualification present in PTC India’s standalone Q2FY23 results have been removed. The quarter marked the initiation of a recovery phase for the bilateral electricity trading segment which was impacted during H1FY23 by heightened volatility in the short-term electricity prices, elevated fuel prices and a rapid increase in peak demand.”
“During the quarter, the company’s business strategy focused more on the core margins than on the volumes. The per unit core margin realized during Q3FY23 improved to 3.09 paise/unit compared to 2.51 paise/unit in Q3FY22 indicating a marked improvement in operational efficiencies, tighter working capital management as well as a focused strategy to undertake value accretive transactions. The liquidity position of the state utilities as well as PTC’s outstanding from such utilities show a marked improvement vis-à-vis the comparable quarter on YoY basis.”
“The subsidiary companies continued to perform well during the quarter reiterating the overall strength and robustness of the business model of the PTC Group. The PTC sponsored exchange is also demonstrating traction in business volumes with a traded volume of 35-40 MUs / day in last couple of days.”
About PTC India Limited
PTC India Ltd., a Government of India initiative, 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 of India to trade electricity with Bhutan, Nepal and Bangladesh.
The trading activities undertaken by PTC include long term trading of power generated from large power projects including renewables as well as short term trading arising as a result of supply and demand mismatches, which inevitably occur in various regions of the country.
The Company is credited with a number of products in the electricity trading market to meet the divergent needs of the customers. Driven by the vision of shaping a vibrant power market, PTC has been providing value-added services to its clients and built trust as a reliable partner. The electricity traded from cross border resources is a significant component of the total electricity traded by the Company.
PTC is a unique example of a successful public-private partnership with major PSUs of the Ministry of Power, Government of India as promoters and a widely held ownership interest. The diverse composition of its Board of Directors includes eminent people as independent directors.
For Further Information Contact:
Sushant Chaturvedi
PTC India Ltd
Head – IR & Public Outreach
sushant@ptcindia.com
