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Electric Utilities company PTC India announced Q1FY24 results:
- Consolidated Q1FY24:
- Consolidated Profit Before Tax (PBT) in Q1FY24 was Rs 191 crore
- Consolidated Profit After Tax (PAT) in Q1FY24 was Rs 143 crore
- EPS of the company increased to Rs 4.39 per share in Q1FY24
- Standalone Q1FY24:
- The Standalone Profit Before Tax (PBT) for Q1FY24 increased by 20% to Rs 120 crore
- The standalone Profit After Tax (PAT) for Q1FY24 increased by 21% to Rs 90 crore
- The Trading Volumes increased by 16% in Q1FY24 to 20.6 BU compared to 17.6 BU in Q1FY23.
Commenting on the results, Dr. Rajib K Mishra, Chairman & Managing Director, PTC India, said, "We are pleased to announce the financial results for Q1FY24, both on a standalone and consolidated basis. The company achieved an impressive 21% growth in profitability, propelled by strong growth in volumes and effective working capital management. Notably, the company achieved a milestone highest ever PBT and PAT for Q1 of a financial year.
The subsidiary companies continued to perform well during the quarter reaffirming the robustness and overall resilience of the PTC Group's business model. The challenges faced by our financial subsidiary, PFS, over the past couple of years, have been effectively addressed which is validated by the sequential financial metrics.
Moreover, we are actively exploring avenues to monetize our wholly-owned subsidiary, PTC Energy Limited, and have received expressions of interest from various leading corporates. The process of bidding is on and is expected to be completed shortly. Subsequently, the outcome of the exercise will be put up before the Board and the Shareholders for necessary approvals.
The Hindustan Power Exchange (HPX), sponsored by PTC, is making significant strides in business volumes and has garnered a third of the market in the Term Ahead Segment. With the introduction of innovative products like HP-TAM and AS-RTM, designed to cater to the dynamic needs of the Indian Power Markets, HPX is expanding its market presence and establishing its reputation as a credible platform. The recent policy initiatives from the Government of India are anticipated to create a favorable business environment that will improve the growth prospects of HPX.”
