PTC India on Friday reported a 46 per cent y-o-y growth in consolidated net profit at ₹202.31 crore during Q2 FY24 aided by better margins and optimisation measures, among others.
The power trading company’s consolidated total income rose to ₹5,225 crore in Q2 FY24 from ₹4,864 crore in Q1 FY24 and ₹4,902 crore in Q2 FY23.
The earnings per share (EPS) of the company increased to ₹6.31 in Q2 FY24 compared to ₹4.05 in Q2 FY23. On a standalone basis, PTC India’s trading volume stood at 21,326 million units (MUs) in Q2FY24 compared to 21,021 MUs in Q2FY23.
PTC India CMD Rajib K Mishra said “We have experienced a remarkable growth in profitability in the consolidated quarterly numbers, a 46 per cent increase, driven by growth in core margins, efficient working capital management and improved contributions from our subsidiaries and associate company.”
PTC India’s core margin saw an increase of 16 per cent during this period. Overall, the holding company, the two subsidiaries and the associate company, HPX, all have shown good growth during the quarter, he added,
“In a significant development, the monetisation of our wholly-owned subsidiary, PTC Energy (PEL) has reached a significant milestone with Oil and Natural Gas Corporation (ONGC) being identified as the highest bidder for acquiring PTC’s 100 per cent equity stake in PEL,” Mishra said.
The PTC board has already accorded its approval for this outcome which was the result of transparent bidding process. The completion of the process is expected in the coming months, pending approval from our shareholders and other statutory compliances, he added.
The company also received a dividend income of ₹41.75 crore from its other subsidiary, PTC India Financial Services (PFS).
Furthermore, Hindustan Power Exchange (HPX), backed by PTC, is making remarkable progress in its business operations. HPX is steadily growing its market presence and establishing itself as a trusted and effective platform in the power markets, Mishra said.