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PTC India reported a 8% YoY growth in standalone net sales for Dec'16 quarter to Rs 3111.69 crore. OPM however was lower by 30 bps to 1.7% which resulted in de-growth in OP by 7% to Rs 53.67 crore. Other income was higher by 34% to Rs 20.79 crore for Dec'16 quarter Interest costs was higher by 172% to Rs 12.53 crore and depreciation was down by 64% to Rs 0.33 crore. Thus, PBT was lower by 9% to Rs 61.60 crore. After providing total tax of Rs 19.03 crore down by 9%, PAT for the Dec'16 quarter stood at Rs 42.57 crore, down by 9% YoY.
Performance for the 9 months ended Dec'16
For the 9 months ended Dec'16, net sales were up by 14% to Rs 10805.63 crore. OPM was lower by 10 bps at 2% which resulted in OP of Rs 218.03 crore, up by 10%. Other income was higher by 1% to Rs 162.03 crore. Interest cost was higher by 5% to Rs 89.82 crore. Depreciation was lower by 27% which resulted in a PBT growth of 6% YoY to Rs 288.30 crore. Total tax stood at Rs 76.21 crore, up by 5% which resulted in a PAT growth of 7% to Rs 212.09 crore, for the 9 months ended Dec'16.
Other updates
Total volumes traded in Dec'16 quarter stood at 10432 MU, up by 7% YoY. The volumes were affected due to lower industrial demand from industries suffering from demonetisation leading to lower short term volumes and discoms in a transition stage where all are waiting for the implementation of Uday scheme.
40 MW power supply commenced to Bangladesh from Jaypee Nigri Plant during Dec'16 quarter.
LT Marketing - New Power supplies of total of 455 MW started during this month:
• 175 MW power supply started to Rajasthan through DB Power
• 45 MW power supply started to Rajasthan through Maruti Clean Coal & Power Ltd (MCCPL)
• 150 MW power supply started to UP through TRN Energy Ltd.
• 85 MW power supply started to UP through MB Power (Madhya Pradesh) Ltd.
PTC has signed an MOU with Madhya Pradesh New & Renewable Energy Department for joint development of 500MW solar projects in Madhya Pradesh
PTC India has successfully took over Pithampur SEZ area of supply from West Discom, Madhya Pradesh for managing power distribution in the SEZ area on behalf of MPAKVN subsequent to signing agreement with MPAKVN (Indore)
PTC has executed an agreement for 10 years with Cochin SEZ, a deemed distribution licensee in Kerala, for power trading
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