PTC India- Summary of financial performance for Q4, FY06-07

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PTC India Limited today announced its results for Q4FY07/FY2007.

 

Company's statement

 

"A year of significant movement in the regulatory and policy environment. In the midst of these developments, the performance during the year shows the company's resilience in achieving normal volumes and building up on starts made earlier towards achieving the vision of a vibrant market for electricity. Facilitating new capacity creation through concrete results achieved in the long-term business segment, and inception of PTC Financial Services Ltd . (PFS) are among the major highlights of the year."

 

FY2007 v/s FY2006

 

The company recorded an income from operations of Rs. 3766.66 Crores for the FY 2007 as against Rs. 3108.55 Crores reported in the FY2006, higher by 21%. The Profit before depreciation, interest and tax (PBDIT) was lower by 17.5% at Rs. 51.10 Crores compared to Rs 61.95 Crores. Net profit for the FY2007 was at Rs 35.09 Crores, down 14% from Rs.40.63 Crores of the previous year.

 

Q4 FY2007 v/s Q4 FY2006

 

The Income from operations of the company was at Rs. 602.48 Crores from Rs.754.68 Crores, lower by about 20% over the corresponding quarter on the back of nearly 33% lower volumes at 1,445 MUs as compared to 2,168 MUs during the corresponding quarter of the previous year. The Profit before depreciation, interest and tax (PBDIT) was lower by 25% at Rs.8.41 Crores compared to Rs 11.28 Crores. Net profit for the Q4FY2007 was at Rs 5.80 Crores, down 17% from Rs.6.99 Crores of the corresponding quarter.

 

Reflecting on the performance, Mr. T N Thakur, Chairman and Managing Director, PTC India, said, "In a very dynamic external environment, which has also seen some substantive questions of Law relating to trading of electricity being settled, it has been a satisfying year. The achievements, particularly on finalizing agreements for the long-term business segments during the year are very significant and in the coming one-to-three year periods, we will see value being realized from our initiatives."

 

During the year, PTC has traded in total 9,549 MUs compared to 10,119 MUs traded in the previous year (representing a volume lower by 5.6%).

 

During the year, PTC has entered into long-term agreements for Power Purchase for six projects totaling a capacity of 3144 MW and Power Sale relating to six projects for 2314 MW. The cumulative capacity tied up through long-term projects by the company, therefore, has reached 6676.3 MW. Additionally, the company has entered into MOUs with another 35 projects totaling to a capacity of 16,703 MW, for which Power Purchase and Sale agreements are being negotiated. During the second half of the year, long-term procurement of new power capacity by State Power Utilities / distribution companies was mandated to be through competitive bidding only, as per the National Tariff Policy issued by Government of India. The Company has adapted its business model to this change, and has participated successfully in several competitive bidding processes in states.

 

Development of new businesses gained further momentum several advisory-cum-transaction agreements being structured. Several coal intermediation deals were completed successfully. PTC's advisory services built up previous starts, with the order book showing a near Rs.3 Crore size.

 

Sourced From: PTC India Limited