New Delhi: Electricity trading firm PTC India's net profit for the third quarter this fiscal year plunged to Rs 7 crore due to a one-time provision of Rs 33 crore.
The company had reported a net profit of Rs 91 crore for the corresponding quarter a year ago.
Total income from operations increased 5 per cent to Rs 2,823.24 crore during the period under from Rs 2,751.47 crore in the corresponding period of the last financial year, PTC India said in a filing to the BSE.
PTC India said it plans to divest a part of its long-term investment in Teesta Urja Limited (TUL) so that Government of Sikkim can acquire 51 per cent against its current holding of 26 per cent.
The share of TUL was valued below the face value. For sale or transfer of such shares, there will be a loss of Rs 6.52 crore for which provisions have been made in the accounts.
The company has further made a provision of Rs 2.6 crore on the balance of its holding.
Shares in PTC India, on Thursday, ended at Rs 93.60 apiece on the BSE, down 2.90 per cent from the previous close.
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