PTC India Limited – Summary of Financial Performance for Q4, FY 2005-06.
New Delhi, April 28, 2006
Performance Highlights
- Total income for the year at Rs. 3120.55 Crores.
- Profit After Tax at Rs. 40.63 Crores.
- Trading volumes of 10,119 Million Units
- Recommends dividend of 10%, fifth consecutive dividend paying year.
- Signs long-term agreements worth 4600 MW for purchase and 4000 MW for sale of power. LANCO Amarkantak enters construction phase, first project to be granted long-term open access.
- Starts coal intermediation services, consolidates on start made in Advisory Services for the power sector.
PTC India Limited today announced its results for Q4FY06/FY2006.
Company’s statement
“Performance during the year shows the company’s achievement of significant starts in its quest for providing value-added energy solutions and evolving structures for facilitating new capacity creation. Significant milestones were achieved in the long-term business segment, and the leadership position strengthened in the market for traded power.”
FY2006 v/s FY2005
The company recorded an income from operations of Rs. 3108.55 Crores for the FY 2006 as against Rs.2032.08 Crores reported in the FY2005, higher by 53%. The Profit before depreciation, interest and tax (PBDIT) was higher by 52% at Rs. 61.95 Crores compared to Rs 40.84 Crores. Net profit for the FY2006 was at Rs 40.63 Crores, up 69% from Rs.24.04 Crores of the previous year.
Q4 FY2006 v/s Q4 FY2005
The Income from operations of the company was at Rs. 754.68 Crores from Rs.340.04 Crores, higher by about 122% over the corresponding quarter on the back of nearly 63% higher volumes at 2,168 MUs as compared to 1,331 MUs during the corresponding quarter of the previous year. The Profit before depreciation, interest and tax (PBDIT) was higher by 68% at Rs.11.28 Crores compared to Rs 6.73 Crores. Net profit for the Q4FY2006 was at Rs 6.98 Crores, up 85% from Rs.3.78 Crores of the corresponding quarter.
Reflecting on the performance, Mr. T N Thakur, Chairman and Managing Director, PTC India, said, "We will continue our efforts to develop and provide energy solutions that add value to our customers. The achievements in inking agreements for the long-term business segments during the year are especially significant and have firmly set us on a path to the long-term sustainability of our business model."
During the year, PTC has traded in total 10,119 MUs compared to 8,887 MUs traded in the previous year (representing a volume higher by 14%).
During the year, PTC has entered into long-term Power Purchase / Sale agreements for five projects totaling a capacity of 4000 MW. The cumulative capacity tied up through long-term projects by the company, therefore, has reached 4600 MW. Additionally, the company has entered into MOUs with another 16 projects totaling to a capacity of 10,400 MW, for which Power Purchase and Sale agreements are being negotiated.
During the year, the Lanco Amarkantak project in Chhattisgarh, where PTC had previously picked up an 11% stake, achieved financial closure and entered the construction phase. The project has also become the first project in the country to be granted long-term open access by POWERGRID.
Development of new businesses gained momentum with inroads being made into surplus capacity of the captive plants base in the country, as also some coal intermediation deals being completed successfully. PTC’s advisory services also made further gains from the modest start in the previous year.
About PTC
PTC India Ltd. (formerly known as Power Trading Corporation of 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. |
