Power trading firm PTC India today reported a nearly six per cent dip in its net profit at Rs 30.81 crore for the second quarter ended September 30, as it paid more advance tax and earned less interest from fixed deposits.
The company posted a net profit of Rs 32.73 crore in the same period last year.
“Net profit dipped mainly due to lower interest income on our treasury and also due to payment of more advance tax,” PTC India CMD T N Thakur said.
“We kept our finances in some instruments which attracted more tax,” Thakur said.
In lieu of the global economic crisis, PTC India parked its funds in the fixed deposits, rather than mutual funds in which the company had invested in the previous fiscal.
Earlier more money was invested in mutual funds but due to (global financial) crisis last year the money was invested in fixed deposits and not mutual funds, he said.
However, the total income of the company rose to Rs 2,475.70 crore in the latest quarter against Rs 2,059.33 crore in the same period last year.
PTC has ventured into Captive Power Trading. Total power traded during Q2 is 810.966 million units.
Shares of PTC India closed at Rs 97.80 on the BSE, up 1.56 per cent from its previous close on Friday.