PTC India hosted a conference call on July 6, 2022. In the conference call the company was represented by Rajib Kumar Mishra, ED & Chairperson and Pankaj Goel, CFO 

Key takeaways of the call

Volume in Q4FY22 was 17329 million units (up 6% from 16279 million units) with short term power account for 65% (up from 56% in Q4FY21), medium and long term account for 7% and 28% respectively.  For FY22 the volume was up 9% (to 87515 million units) despite the impact of covid waves (power demand slowed down and that was reflected in volumes of the company) in FY22 and absence of Bangladesh volume.

Maintained market share of 52% in FY22.  The market share was maintained despite absence of one off transaction from Bangladesh unlike FY21 (Rs 74 crore transaction in FY21). 

Consultancy income in FY22 increased to Rs 39.7 crore up from about Rs 29.39 crore in FY21. Acquisition process of ILFS Energy Services is completed and this the numbers from this will be added from this fiscal. 

In FY23, there was shortage of coal in the last 2 months impacting volumes.  However going forward in FY23, expect the Bangladesh supply was restored and long-term supply volume will improve.

Of the TANGEDCO supply order of 1500 MW the company has placed LoI for about 607 MW.

Hindustan Power Exchange, where the company is the largest promoter has commence operations on July 6, 2022 and has closed first transaction today. The exchange that started with 3 products is to come out with more differentiated and innovative products in due course of time.  As the new products are well under the new regulations   giving the exchange an edge in the market. Equity requirement is all met with HPEX and no plan for further investment.  

PTC Energy - Things has drastically changed now with the new AP High Court order. So as far as SJVN deal the company will do the best for the company.  AP Discom is approaching REC/PFC to raise funds to pay the renewable generators.

Regarding PFS divestment, its out of the agenda of the company for the time being.

Expect Net WC cycle will be in the range of 25-30 days.   

Gross debtors are Rs  6739 crore as end of March 31, 2022. Top 5 debtors are Rs 1567 crore from the state of J&K,   Rs 551 crore from the state of UP, Rs 561 crore from the state of Bihar, Rs 637 crore from the state of TN, Rs 479 crore from the State of TelenganaEB.   However Debtors more than 6 months (after bills discounting in April 30, 2022) was just about Rs 200 crore.  Net debtors days in FY22 was about 55 days almost same as 54 days in FY21.