New Delhi : Power trading firm PTC India reported 86 % jump in net profit to Rs 68.91 crore for the quarter ended March 31, driven by higher electricity trading volumes.
In the fourth quarter of last fiscal, the firm’s total revenue climbed to Rs 2,848.62 crore from Rs 2,198.74 crore in the corresponding period. “The company continued to witness a robust growth trend on the back of increase in volumes from multiple business segments,” PTC India said. “A healthy trend was witnessed in the volume growth from long term trades (including cross-border), with 1,771 MUs (million units) being traded in Q4 FY14 compared to 1,392 MUs during Q4 FY13, an increase of 27.23 %,” it added.
Besides, the retail segment — where electricity is sold directly to business — witnessed higher volumes. According to the company, which has over 40 % share in the power trading market, a comprehensive strategy to maintain and enhance presence in multiple business segments is showing early gains.”
The company is on course to tie-up about 11 GW (gigawatts) generation capacity on long-term basis by FY16, and is actively converting these into power-sale agreements, the statement said.