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PTC India Financial Services Ltd (PFS), the investment vehicle of PTC India Ltd (PTC), reported 124 per cent increase in net profit during April-June quarter at Rs 22.95 crore (Rs 10.24 crore last year). PFS has recorded 54 per cent more revenue Rs 60.31 crore in first quarter against Rs 39.24 crore in the corresponding period last year. “Despite toughening of the interest rates in the market, PFS has been able to keep cost of funds lower to remain competitive. The company has secured ECB funding of $76 million. Out of this, $51 million was drawn till June 30. Another drawdown of $25 million was made during July which is further expected to reduce the overall cost of funds in the coming quarters,” it said in a statement. PFS added that the total effective debts sanctioned as at the end of first quarter is Rs 7,232 crore against Rs 6,335 crore in the same period last year.
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