PTC India logs 8% decline in FY23 net profit at ₹507.15 crore

In FY22 the company had registered a net profit of ₹551.67 crore.

PTC India’s revenue from operations in the last financial year was ₹15,492.05 crore, 4.8% lower from ₹16,279.25 crore earned in FY22.

The trading volumes were down by 19% in FY23 to 70,610 million units (MU) compared to 87,515 (MU) in FY22 on account of decrease of around 15.1 BUs in low margin power exchange traded volumes. The per unit core margin realized during the year has increased by 13.5% to 3.20 paisa per unit, compared to 2.82 paisa per unit, said a company statement.

Commenting on the results, Rajib K. Mishra, Chairman & Managing Director, PTC India Ltd, said: “We are pleased to announce the financial results for Q4FY23 & FY23, both on a standalone and consolidated basis. The board of directors has recommended a dividend of ₹7.8 per equity share for FY23, reiterating the confidence in PTC’s business model and prospects of the business in the future. FY23 for PTC India was a year of consolidation by taking strategic calls, ceding volumes to avoid negative impact on cost of funds and reorienting the business model.”

He added that throughout the year, PTC India prioritized core margins over volumes as a part of the business strategy.

The company in a statement said that its subsidiaries have shown a turnaround in business operations with demonstrated profitability resulting in the consolidated numbers of PTC Group showing a significant resilience in a volatile year.

While PTC Energy Limited reported a profit after tax of ₹13.88 crores for FY23, PTC India Financial Services Limited (PFS) contributed ₹175.81 crore to the group profitability. Also, PFS has declared a dividend of ₹1 per share for FY23, subject to approval of its shareholders.

Shares of PTC India on the BSE closed at ₹93.47 on the BSE on Friday lower by 0.40% from its previous close.

Updated: 27 May 2023, 10:11 PM IST