New Delhi, Delhi, India
Highlights
-- Profit After Tax higher by 6% at Rs.12.01 Crores.
-- Income from Operations for the quarter at Rs.1042.10 Crores, higher by 138%.
-- To set up a subsidiary company for equity investments in power projects.
-- Hikes investment limit for FIIs to 40%.
-- Trading volume at 2625 Million Units, higher by 72%.
-- Medium term power trade agreements contribute significantly, compared to short-term.
-- Signs MOUs for long-term purchase of power for 4650 MW during the quarter.
-- Signs PPA and PSA/MOU :
Signs MOU/PSA with Madhya Pradesh State Electricity Board (for Dheeru Powergen's Coal based Power Project) for 250 MW and (SUGEN LNG/Gas based Power Project) for 100 MW of capacity.
Signs PPA with Krishna Godavari Power Utilities Ltd, for 144 MW Imported Coal based Thermal Power Project in Andhra Pradesh.
PTC India Limited (formerly Power Trading Corporation of India Limited) today announced its results for Q1FY2006-07.
Q1 FY2007 v/s Q1 FY2006
The Profit After Tax increased by 6% to Rs.12.01 crores in the present quarter as against Rs.11.31 crores reported in the corresponding quarter of the previous year. The Total Income was at Rs. 1049.97 crores, higher by 136% from Rs. 443.97 reported in the quarter of previous year. The traded volumes also increased from 1523 MUs to 2625 MUs, higher by 72%. The Profit before Depreciation, Interest and Tax (PBDIT) increased by 12% at Rs. 16.66 crores as compared to Rs 14.85 Crore. The Profit Before Tax was up by 11% to Rs. 15.46 crores, compared to Rs.13.89 crores for the corresponding quarter of the previous year.
The volumes during the quarter showed a healthy trend. The increase in topline has been on account of higher volumes as well as an increasing trend of price of traded power.
Other Income at Rs.7.87 is higher by 18% than the figure of Rs.6.68 Cr. reported for the corresponding quarter of the previous year.
Earlier in the day, at PTC's Seventh Annual General Meeting, the shareholders of the Company passed a resolution consenting the formation of a subsidiary Company in the nature of an investment company for PTC's equity investments in power projects. The shareholders also passed a special resolution to increase the limit for FII investment in PTC's equity to 40% of its paid-up capital.
Reflecting on the performance, Mr. T N Thakur, Chairman and Managing Director, PTC India, said, "Performance during the quarter shows a healthy trend of trading volumes, compared to the somewhat depressed corresponding quarter of the previous year. Medium term power trade agreements have made significant contributions to this. The Company continues to maintain its leadership position in the market for traded power and maintain top and bottomline growth in challenging business conditions. The bottomline growth has been moderate as the impact of the Regulation capping trading margins at 4paise/unit has been evident through this quarter, and has been partly offset by higher volumes. Developments during the quarter are encouraging as the short-term market is showing signs of maturity in terms of understanding the competitive environment.
Significantly, the Company's business model for development of new generation capacity on the strength of a purchase agreement with PTC has gained strength as utilities are formalizing agreements for addition to their long term supply options through this model at a greater pace."
During the quarter, PTC has traded in total 2625 MUs compared to 1523 MUs traded in the first quarter of the FY 2005-06. Volumes are about 72% higher compared to the corresponding quarter of the previous year, this are primarily on account of a healthier availability of marketable surpluses, as well as the impact of some medium term trade agreements.
During the quarter, PTC has entered into long-term MOUs for a total of 4650 MW with the developer for purchase of power, the most significant of these are 1500 MW imported coal based thermal power project of Sanghi Industries Ltd. in Gujarat, 600 MW coal based thermal power project in Orissa of Sterlite Energy Pvt. Ltd, 600 MW imported coal based thermal power project in Madhya Pradesh of Kedia Power Ltd. and 600 MW Coal based Thermal Power Project in Chhattisgarh of Korba-West Power Company Ltd.
PTC has also entered into long-term PPA of 144MW Coal based Thermal Power Project in Andhra Pradesh with developer/project named Krishna Godavari Power Utilities for 25 years.
Agreements for on sale of these projects' capacity on a long-term basis, in the form of MOUs / PSAs have been signed for a total of 350 MW. Two significant MOUs / PSAs both with MPSEB (Dheeru Power Project) for 250 MW and MPSEB (SUGEN Power Project) for 100 MW for a period of 25 years.
About PTC
PTC India Ltd. is a pioneer in starting a power market in India. The company was born out of the need for an institution, which would provide credit risk mitigation to private power project developers and providing best value to both the buyers and sellers while ensuring optimum utilization of resources.
The trading activities undertaken by PTC include long term trading of power generated from large power projects as well as short term trading arising as a result of supply and demand mismatches, which inevitably arise in various regions of the country.
PTC is a unique example of a Government of India initiative for a Company which is emerging as a highly successful public-private partnership with major PSUs of the Union Power Ministry as promoters and wide ownership interest. PTC is a professionally managed company with a diversified board of directors including eminent people as independent directors.
PTC intends to maintain its leadership position in power trading while at the same time adhering to its core value of transparency and customer needs focus.
Rajiv Bhardwaj, PTC India Limited, 91 (011) 51659139, 9810060480 rajivbhardwaj@ptcindia.com
Harsh Wardhan, Mutual PR Pvt Ltd, 91 (120) 2516711,2, 9810162711 harsh@mutualpr.com
Source: PTC India Limited (Business Wire India)
Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.