Power trading solutions provider PTC India on Saturday posted a 5.62% year-on-year rise in consolidated net profit to ₹142.70 crore for the April-June quarter of this fiscal, mainly on the back of higher revenues.
Consolidated net profit stood at ₹135.10 crore in the quarter ended on June 30, 2022, the company said in a regulatory filing.
Total income of the company rose to ₹4,863.46 crore in the quarter under review, from ₹4,310.74 crore in the same period a year earlier.
“The company achieved an impressive 21% growth in profitability, propelled by strong growth in volumes and effective working capital management,” PTC India Chairman & Managing Director Rajib K. Mishra said.
He noted that the company achieved the highest ever PBT (profit before tax) and PAT (profit after tax) for the first quarter of a financial year.
The subsidiary companies continued to perform well during the quarter reaffirming the robustness and overall resilience of the PTC Group’s business model.
The challenges faced by our financial subsidiary, PFS, over the past couple of years have been effectively addressed which is validated by the sequential financial metrics, he added.
Moreover, he stated that the company is actively exploring avenues to monetise its wholly owned subsidiary, PTC Energy Ltd., and has received expressions of interest from various leading corporates.
The process of bidding is on and is expected to be completed shortly, he added.
The Hindustan Power Exchange (HPX), sponsored by the PTC, is making significant strides in business volumes, and has garnered a third of the market in the Term Ahead Segment, he noted.
With the introduction of innovative products like HP-TAM and AS-RTM, designed to cater to the dynamic needs of the Indian Power Markets, HPX is expanding its market presence and is establishing its reputation as a credible platform, he said.
The recent policy initiatives from the Government of India are anticipated to create a favorable business environment that will improve the growth prospects of HPX, he added.