PTC India (formerly Power Trading Corporation of India) reported 18% growth in standalone sales for the quarter ended Sep 2020 to Rs 5624.20 crore driven by strong 20% growth in volume. But with operating profit margin expanding by 60 bps to 3.6%, the operating profit was up by 42% to Rs 200.89 crore. With OI was down by 41% to RS 21.53 crore. The interest cost was down by 65% to Rs 5.32 crore and the depreciation was down by 4% to Rs 0.69 crore. Thus the PBT was up by 34% to Rs 216.41 crore. The EO expense was doubled to Rs 0.02 crore and thus the PBT after EO was up by 34% to Rs 216.39 crore. The taxation was up by 87% to Rs 50.20 crore, the PAT was up by 23% to Rs 166.19 crore.
- Revenue from operations (excluding other operating income) was up by 19% to Rs 5537.81 crore. Strong growth in operating income was largely due to 20% growth in volume traded to 26247 million units which was partly offset by 2% fall in average per unit realization.
- Other operating income was up by 13% to Rs 86.69 crore and that include 15% increase in surcharge income to Rs 79.43 crore.
- OPM expanded by 60 bps to 3.6% and that is largely due to lower cost of electricity purchase. The cost of energy purchase as % of sales was lower by 30 bps to 95.8%. The staff cost and other expenses was flat at 0.2% and 0.3%. But the other operating expense was also down by 20 bps to 0.2%.
Consolidated sales was higher by 15% to Rs 6004.63 crore. With OPM contract by 230 bps to 8.6%, the OP was down by 9% to Rs 517.72 crore. After accounting for lower OI, lower interest and flat depreciation, the PBT before EO was up by 3% to Rs 265.92 crore. The EO was an expense of RS 0.03 crore compared to an expense of RS 0.01 crore in the corresponding previous period. The share of profit from associate was an expense of RS 0.35 crore compared to a profit in corresponding previous period. Thus the PBT after SOPA was up by 3% to Rs 265.54 crore. With taxation stand higher by 29% to Rs 71.90 crore the PAT was down by 4% to Rs 193.64 crore. Eventually the net profit (after MI) was down by 2% to Rs 182.49 crore.
On deducting standalone financials from consolidated financials, the sales was down by 20% to Rs 380.13 crore and with OPM contract by 620 bps to 83.3%, the OP was down by 26% to Rs 316.83 crore. However hit further by lower other income and lower interest cost the PBT before EO was down by 48% to Rs 49.51 crore.
Half Yearly performance
Standalone sales was up by 2% to Rs 9886.88 crore. With OPM expand by 50 bps to 3%, the growth at operating profit was up by 21% to Rs 295.11 crore. The PBT was up by 19% to Rs 307.69 crore gained largely by lower interest and depreciation cost. With EO expense double to Rs 0.02 crore, the PBT after EO was up by 19% to Rs 307.67 crore. The taxation was higher by 23% to Rs 73.81 crore and thus the PAT was up by 18% to Rs 233.86 crore.
Consolidated sales was flat at Rs 10635.41 crore and the OPM was down by 100 bps to 8.7%. Thus the operating profit was down by 11% to Rs 921.41 crore. The interest cost was down by 20% to Rs 481.11 crore and the depreciation was down by 1% to Rs 49.87 crore. The PBT was up by 3% to Rs 407.69 crore. The PAT was flat (up 0%) at Rs 293.70 crore hit by higher taxation, which was up by 11% to Rs 113.63 crore. The MI was down by 2% to Rs 20.45 crore, the net profit was flat at Rs 273.25 crore.
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