Analyst Meet / AGM     22-May-12
Conference Call
PTC India Financial Services
The company sees no equity investment exits in FY'13
PTC India Financial Services (PFS) conducted conference call to discuss the results for the quarter ended December 2011 and way forward. Mr. T. N. Thakur, Chairman and MD addressed the Concall

Highlights of the meet

  • PFS has recorded total revenue of Rs 116.06 crore in Q4 FY12 compared to Rs 26.35 crore in Q4 FY11. PAT increased to Rs 63.27 crore compared to Rs 5.81 crore.
  • During Q4 FY12, PFS concluded the sale of its part stake in Indian Energy Exchange and has realized a gain of Rs 66.51 crore on stake sale. Excluding the gain on sale of investment and tax thereon, PAT amounts to Rs 10.43 crore for Q4FY12 compared to Rs 5.81 crore in Q4FY11.
  • For FY'12 Total revenue increased to Rs 307.20 crore compared to Rs 108.85 crore in FY11. PAT increased to Rs 154.04 crore compared to Rs 37.03 crore.
  • PAT for the current year includes gain on sale of equity investments amounting to Rs 105.09 crore compared to Rs 9.98 crore during FY11. PAT from other operating activities during the year increased by 81% to Rs 48.95 crore from Rs 27.05 crore during FY11.
  • There are nil NPAs as at 31st March 2012.
  • The Net Interest Margin (NIM) stands at 8.79% for Q4 FY12 compared to 5.38% in Q4FY'11. Net Interest Income considered for NIM does not include interest income of Rs 3.36 crore during Q4 FY12 on fixed deposits of temporary surplus funds. The company expects NIM to improve in FY'13 with decrease in cost of funds.
  • Cost of funds stood at 9.89% in Q4FY'12 compared to 10.63% in Q4FY'FY'11.
  • The company has secured ECB funding of USD 76 million out of which only USD 26 million was drawn down in FY12. Another drawdown of USD 25 million was made during April 2012 and subsequent drawl of ECB funds in FY13 may further reduce its cost of funds. During Q4 FY12, the company has raised Rs 159.60 crore by way of long term tax saving secured Infrastructure Bonds
  • The total effective debt sanction as at the end of FY12 aggregated to Rs 6335 crore compared to Rs 3334 crore at the end of FY11.
  • The company has sanctioned loans aggregating to Rs 1437 crore during Q4 FY12 and Rs 3517 crore during FY'12 compared to Rs 1678 crore in FY11. Post FY12 till date, PFS has further sanctioned loans aggregating to Rs 917 crore to 6 power projects.
  • The outstanding debt as at the end of FY12 was Rs 1266 crore compared to Rs 680 crore as at the end of FY11, recording growth of 86%.
  • The company expects to maintain growth in sanctions of FY'12 in FY'13 as seen from the pipeline. The company has loan applications in waiting of around Rs 2000 crore while loan enquiries around Rs 2500 crore taking total loan pipeline to be around Rs 4500 crore
  • The company is looking for diversification within the power sector to reduce risks in the business and is looking towards renewable sector mostly wind energy.
  • The company sees no equity investment exits in FY'13. However there could be one opportunity in FY'14.
  • The company expects power sector has bottomed out and it can go only northwards from here now.
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