New Delhi: Power trading solutions provider PTC India on Saturday reported a 5.62% year-on-year rise in its consolidated net profit to ₹142.70 crore for the April-June quarter of the current fiscal year, driven by higher revenues.
Total income rose to ₹4,863.46 crore in the quarter under review, from ₹4,310.74 crore in the same period a year ago.
“We are pleased to announce the financial results for Q1FY24, both on a standalone and consolidated basis. The company achieved an impressive 21% growth in profitability, propelled by strong growth in volumes and effective working capital management. Notably, the company achieved a milestone highest ever PBT and PAT for Q1 of a financial year,” PTC India chairman & managing director Rajib K Mishra said.
He noted that the company achieved the highest ever PBT (profit before tax) and PAT (profit after tax) for the first quarter of a financial year.
Subsidiaries also perform well during the quarter, reaffirming the robustness and overall resilience of the PTC group’s business model.
“The challenges faced by our financial subsidiary, PFS, over the past couple of years have been effectively addressed which is validated by the sequential financial metrics,” he added.
The company is actively exploring avenues to monetize its wholly-owned subsidiary, PTC Energy Ltd, and has received expressions of interest from various leading corporates.
The process of bidding is on and is expected to be completed shortly, he added.
Hindustan Power Exchange (HPX), sponsored by PTC, has been making significant strides in volumes, and has garnered a third of the market in the Term Ahead Segment, he noted.
With the introduction of innovative products like HP-TAM and AS-RTM, designed to cater to the dynamic needs of the Indian Power Markets, HPX is expanding its market presence and is establishing its reputation as a credible platform, he noted.
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Updated: 12 Aug 2023, 06:03 PM IST