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Last Updated : Feb 07, 2019 05:56 PM IST | Source: PTI

PTC India Q3 net profit down 13% at Rs 51.34 crore

PTC India is involved in the business of power trading, investment and offers trading solutions.

 
 
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PTC India on Thursday reported a standalone net profit of Rs 51.34 crore for the quarter ended December 2018, down about 13 per cent year-on-year mainly due to higher expenses.

The company's standalone net profit stood at Rs 58.94 crore for the quarter ended December 2017, a company statement said.

Total income rose to Rs 2,935.23 crore in the October-December quarter this year from Rs 2,717.46 crore in the year-ago period.

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Its expenses rose to Rs 2,855.85 crore in the third quarter of 2018-19 from Rs 2,630.49 crore in the year-ago quarter.

Reacting to the financial numbers, shares of the company dropped 2.91 per cent to close at Rs 75.10 on BSE.

PTC India is involved in the business of power trading, investment and offers trading solutions.

Commenting on the results, PTC India Chairman and Managing Director Deepak Amitabh said, "The financial and operational numbers for the nine month period have been consistent with our business trends. Our business is increasingly insulated from the volatility of the short term market."

The company posted a net profit of Rs 208.47 crore for nine months to December 2018 against that of Rs 254.83 crore in the year-ago period. Total income rose to Rs 10,954.04 crore in April-December 2018 from Rs 9,339.41 crore in April-December 2017.

"Going forward, we believe that the market is moving towards a new equilibrium of creating a strong medium term market with an increased role of an aggregator in the system," he said.

The operationalisation of 604 MW (out of 1050 MW) of wind power has been achieved and the balance is expected to be completed in this quarter, the company said.

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First Published on Feb 7, 2019 05:48 pm
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