PTC India Limited – Summary of Financial Performance for Q2 / H1, FY 2006-07
New Delhi, October 28, 2006
Highlights
- Income from Operations for the quarter at Rs. 1,314.68 Crores as against Rs.861.98 Crores reported in the Q2 FY 2005-06, is higher by 53%. Income from Operations for H1 FY 2006-07 at Rs.2356.78 Crores, higher by 81%.
- PAT for the quarter at Rs.8.65 Crores as against Rs.9.52 Crores for Q2 FY2005-06, lower by 9%. PAT for H1 FY 2006-07 at Rs.20.69 Crores.
- Signs the first major agreement for trade in power from cross-border sources. Starts trading of power from the 1020 MW Tala HEP in Bhutan.
- Setting up of subsidiary company for equity investments in power projects in process.
- Trading volume for the quarter at 3268 MUs (Million Units), higher by 4%. Trading volume for H1 FY 2006-07 at 5,893 MUs, higher by 26%.
- Signs long-term Power Purchase Agreements (PPAs) and Power Sale Agreements (PSAs) and MOUs for power trade during the quarter;
- Enters into long-term PPAs of 2094 MW
- Enters into long-term PSAs of 2514 MW
- Signs MOUs for power purchase for a total of 2575 MW
PTC India Limited (formerly Power Trading Corporation of India Limited) today announced its results for Q2 / H1 of FY2006-07.
Q2/ H1 FY2007 v/s Q2 / H1 FY2006
The Income from Operation during the present quarter increased by 53% to Rs.1314.68 Cr. in comparison to Rs. 861.98 Cr. for the corresponding quarter of FY06. For the H1, it increased by 81% to Rs.2356.78 Cr. The Total Income during the quarter was at Rs. 1,318.54 crores, higher by 53% from Rs. 863.25 Crores reported in the corresponding quarter of the previous year. For the H1, it was Rs.2368.52 Cr., up by 81%.
The Profit After Tax decreased by 9% to Rs. 8.65 crores in the present quarter as against Rs.9.52 crores reported in the corresponding quarter of the previous year. The Profit before Depreciation, Interest and Tax (PBDIT) for the quarter decreased by 13 % at Rs. 13.40 crores as compared to Rs 15.47 Crore. The Profit Before Tax for the quarter was down by 15% to Rs 11.86 crores, compared to Rs.13.99 crores for the corresponding quarter of the previous year.
In operational performance, the traded volumes during the quarter increased from 3,148 MUs to 3,268 MUs, higher by 4%. For H1, it increased to 5,893 MUs, up by 26%.
Earlier in the year, 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 Company is now in the process of setting up this Special Purpose Vehicle.
Reflecting on the performance, Mr. T N Thakur, Chairman and Managing Director, PTC India, said,
“We have had a significant quarter’s performance on the back of healthy trading volumes as well as major milestones achieved in closing long-term agreements with project developers. There has been a drop in the operating margins due to the capping of the trading margin for short-term trades by the Regulator, which is before the higher appellate court.
Going forward, we expect a healthy performance in the coming times based on significant additions to our long-term business. We are approaching the time when we would be able to fully leverage our business model.”
During the quarter, PTC has entered into MOUs for long-term purchase of power for a total of 2575 MW. Two significant MOUs, both with Rungta Mines Limited for 750 MW Coal based Thermal Power Project in Orissa and 375 MW for Coal based Thermal Power Project in Jharkhand and 550 MW with North Chennai Power Company Limited for Coal Based Thermal Power Project in Tamil Nadu. At the end of the quarter, therefore, MOUs have been signed for an aggregate capacity of 15,361 MW.
PTC also entered into long-term PPAs totalling 2094 MW during the quarter. Significant among these are 1200 MW with the Teesta Urja Ltd for Teesta Stage III HEP in Sikkim), 600 MW with Dheeru Powergen Private Ltd. for Coal based Thermal Power Project in Chattisgarh and 150 MW with KVK Nilachal Pvt. Ltd. for Thermal Power Project in Vishakapatnam, A.P. At the end of the quarter, therefore, PPAs have been signed for an aggregate capacity of 6,666.3 MW.
Agreements for on sale of these projects’ capacity on a long-term basis, in the form of PSAs have been signed for a total of 2514 MW. Significant among these are four agreements with Haryana Power Gen Corp Ltd for a total of 770 MW and four agreements with Punjab State Electricity Board for a total of 662.5 MW. At the end of the quarter, therefore, PSAs have been signed for an aggregate capacity of 2936.5 MW.
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.
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