New Delhi: State-owned power trading solutions company PTC India on Friday reported a nearly seven-fold jump in net profit at Rs 45.33 crore for the quarter ended December 31, 2015, helped by a rise in trading volumes.
The company had registered a net profit of Rs 6.63 crore for the corresponding quarter a year ago.
Total income has increased to Rs 2,947.12 crore in the quarter under review in the current fiscal year from Rs 2,832.59 crore in the year-ago period.
"PTC has reported a healthy growth in power trading volumes due to a change in business mix with significant additions to our long-term business. Exchange traded volumes of PTC as a trader member also showed healthy growth. This has been achieved in an environment of continuing low purchase intent from the state distribution companies," PTC India chairman and managing director Deepak Amitabh said.
"We believe that with the earlier re-opening of medium term market for power traders, the trading opportunities are set to rise in the near future. The company continues to strengthen its position in the long term business with the commissioning of new projects," he added.
The power trading volumes have increased 26 per cent to 9,761 million units in third quarter of this fiscal year from 7,773 million units a year ago.
The company said in a statement that the earnings per share (EPS) for the quarter stood at Rs 1.53 compared to Rs 0.22 in same quarter of the previous fiscal year.
Supply of 259 MW to power distribution companies of Haryana on a long-term basis from Unit-II of Lanco Amarkantak Power Project in Chhattisgarh has commenced.
PTC India has entered into an agreement with Solar Energy Corporation of India (SECI) for sale and purchase of power generated from 3,000 MW solar projects for onward sale on long term basis for a full term of 25 years.
The company had registered a net profit of Rs 6.63 crore for the corresponding quarter a year ago.
Total income has increased to Rs 2,947.12 crore in the quarter under review in the current fiscal year from Rs 2,832.59 crore in the year-ago period.
"PTC has reported a healthy growth in power trading volumes due to a change in business mix with significant additions to our long-term business. Exchange traded volumes of PTC as a trader member also showed healthy growth. This has been achieved in an environment of continuing low purchase intent from the state distribution companies," PTC India chairman and managing director Deepak Amitabh said.
"We believe that with the earlier re-opening of medium term market for power traders, the trading opportunities are set to rise in the near future. The company continues to strengthen its position in the long term business with the commissioning of new projects," he added.
The power trading volumes have increased 26 per cent to 9,761 million units in third quarter of this fiscal year from 7,773 million units a year ago.
The company said in a statement that the earnings per share (EPS) for the quarter stood at Rs 1.53 compared to Rs 0.22 in same quarter of the previous fiscal year.
Supply of 259 MW to power distribution companies of Haryana on a long-term basis from Unit-II of Lanco Amarkantak Power Project in Chhattisgarh has commenced.
PTC India has entered into an agreement with Solar Energy Corporation of India (SECI) for sale and purchase of power generated from 3,000 MW solar projects for onward sale on long term basis for a full term of 25 years.
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