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PTC India reported a 17% YoY de-growth in standalone net sales for Mar'15 quarter to Rs 2318.91 crore. Higher trading of Long term power ensured higher OPM of 1.9%, thus leading to a 2% increase in OP to Rs 42.93 crore. Other income was lower by 35% to Rs 42.70 crore for Mar'15 quarter. The company received surcharge income of Rs 33.2 crore in Q4 FY'15 as compared to surcharge income of Rs 50.63 crore in Q4 FY'14. Thus, PBIDT was lower by 20% to Rs 85.63 crore. Interest costs was down by 83% to Rs 0.32 crore and depreciation was up by 1% to Rs 1.06 crore. PBT thus stood at Rs 84.25 crore, down by 19% on YoY basis. There was an EO income of Rs 11 lakh in Mar'14 quarter as compared to Nil for Mar'15 quarter. Thus, PBT after EO stood at Rs 84.25 crore, down by 19% YoY. After providing total tax of Rs 27.80 crore and PPI of Rs 0.01 crore, PAT for the Mar'15 quarter stood at Rs 56.44 crore, down by 18% YoY.
For Q4 FY'15, the total volume traded stood at 6331 MUs, down by 17% YoY. Short term volume traded stood at 3750 MUs down by 28% YoY while Long term volumes stood at 2138 MUs, up by 21% YoY.
Standalone Performance for the year ended Mar'15
Standalone sales were higher by 15% to Rs 13020.25 crore. Total volume traded in FY'15 stood at 37137 MUs, up by 6% YoY. Short term volume traded stood at 20805 MUs, down by 3% YoY while long term and Medium term volumes grew by 20% and 17% to 14674 MUs and 1645 MUs respectively. OPM was up by 20 bps to 1.7% due to higher trading of long term volume, thus, resulting in a 28% increase in OP to Rs 222.83 crore. Other income was down by 40% to Rs 115.79 crore, as the company had received about Rs 81 crore of additional surcharge income from UP SEB in FY'14, which not present in FY'15. Thus, PBIDT was lower by 8% to Rs 338.62 crore. Interest costs and depreciation were lower by 65% and 1% to Rs 0.96 crore and Rs 4.16 crore, thus, leading to a PBT before EO of Rs 333.50 crore. There was an EO expense of Rs 32.44 crore which is a provision on the value of investment in Teesta Urja power project. Thus, PBT after EO stood at Rs 301.03 crore. PPI for Mar'15 relates to Rs 28 lakh of tax write back as compared to PPI of tax provision of Rs 43 lakh for FY'14. After paying total tax of Rs 98.21 crore, PAT for 12 months ended Mar'15 stood at Rs 203.10 crore, down by 19% YoY.
The company saw severe Grid constraints and lower volume off takes from SEB's in FY'15. Nearly, 60% of contracted short term power could not flow in FY'15.
The company recommended a dividend of Rs 2.2 per share of face value of Rs 10 each for FY 2014-15.
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