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Last Updated : Jul 15, 2016 03:01 PM IST | Source: Moneycontrol.com

PTC India Q1 PAT seen up 38% at Rs 55.1 cr: ICICI Securities

Sales are expected to increase by 20.9 percent Q-o-Q (up 11.6 percent Y-o-Y) to Rs 3679.3 crore, according to ICICI Securities.

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ICICI Securities has come out with its first quarter (April-June) earnings estimates for the Power and coal sector. The brokerage house expects PTC India to report a 38.9 percent growth quarter-on-quarter (up of 15.0 percent year-on-year) in net profit at Rs 55.1 crore.

Sales are expected to increase by 20.9 percent Q-o-Q (up 11.6 percent Y-o-Y) to Rs 3679.3 crore, according to ICICI Securities.

Earnings before interest, tax, depreciation and amortisation (EBITDA) are likely to fall by 29.5 percent Q-o-Q (up 23.4 percent Y-o-Y) to Rs 73.7 crore.

ICICI Securities's report on PTC India

Expect PTC India’s Q1FY17 revenue to increase 11.6 percent Y-o-Y, driven by 16 percent Y-o-Y increase in trading volumes (from 10,015MUs in Q1FY16 to11,614MUs in Q1FY17), more than offsetting a 6.1 percent decline in average realisation/unit.

We expect operating margins for normal trading volumes (excluding rebate and surcharge income) to improve 19.5 percent Y-o-Y, from 4.9paise/unit in Q1FY16 to 5.9paise/unit in Q1FY17. However, toll converted into trading volumes is likely to drop 32 percent Y-o-Y to 170MUs from 250MUs in Q1FY16. Margins on this business are expected to decline from 22paise/unit to 21paise/unit in Q4FY16.

Higher revenue and 19bps EBITDA margin expansion (from 1.81 percent in Q1FY16 to 2 percent in Q1FY17) is likely to translate into 23.4 percent Y-o-Y EBITDA growth.

Expect Rs150mn rebate and surcharge income in Q1FY17 vs Rs 173mn in Q1FY16.

Increase in EBITDA, partially offset by lower other income and higher tax rate, is likely to translate into PAT increase of 15 percent Y-o-Y.

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First Published on Jul 15, 2016 03:01 pm