PTC India, a leading power trading solutions provider, has announced a nearly 30% drop in consolidated net profit to ₹91.11 crore for the fourth quarter ending March 2024. The company attributed the decline from ₹129.34 crore reported in Q4FY23 to various market dynamics impacting its operations.
In a statement, PTC India disclosed that its consolidated profit after tax (PAT) for the fiscal year 2023-24 stood at ₹533.16 crore, compared to ₹507.15 crore recorded in FY23. This represents a modest increase, reflecting the company’s ability to navigate through challenging economic conditions and regulatory changes in the power sector.
Despite the quarterly profit dip, PTC India reported a notable 10% increase in total trading volumes during Q4FY24, reaching 18.02 billion units (BUs) compared to 16.39 BUs in the corresponding period last year. For the entire fiscal year, total volumes rose to 74.84 BUs, up 6% from 70.61 BUs recorded in FY23, underscoring the company’s robust operational performance amid sectoral shifts.
Rajib K Mishra, Chairman & Managing Director of PTC India, expressed confidence in the company’s business model and future prospects. “The board of directors has recommended a dividend of ₹7.80 per equity share for FY24, reaffirming our commitment to shareholders and reflecting the underlying strength of PTC’s operations,” Mishra stated.
PTC India continues to play a pivotal role in the Indian power sector, facilitating efficient electricity trading and contributing to the nation’s energy security. The company’s strategic initiatives and prudent financial management are expected to sustain its growth trajectory amidst evolving market dynamics and regulatory reforms.
