PTC India signs 2 long-term agreements for 215 MW power purchase: CMD

New Delhi: Power trading solutions provider PTC India has signed two agreements for the purchase of 215 MW electricity on a long-term basis, company's CMD Rajib K Mishra said. While an agreement has been signed with Brookfield Renewables for purchasethe of 100 MW solar power, another pact is with VS Lignite for purchasethe of 115 MW thermal power, he said.

Both the agreements signed recently are on a long-term basis, Mishra said. PTC India will market the power to various utilities and commercial and industrial consumers.

On the company's Q4 results, the CMD said, "We have announced a dividend of Rs 7.80 per equity share to our shareholders. The payment reflects our confidence in the business model and prospects of growth in future."

PTC India posted a 17.67 percent fall in its consolidated net profit at Rs 129.34 crore during the March quarter, over Rs 157.11 crore net profit during the January-March quarter of FY22.

The company's total income, however, rose to Rs 3,643.02 crore from Rs 3,107.04 crore in the year-ago quarter. Mishra attributed the fall to "49 percent reduction in net surcharge earned to Rs 108.53 crore in FY23".

PTC India eyeing robust growth in business revenues

Without sharing any numbers, he said the company is eyeing a robust growth in its business revenues during the financial year 2023-24 as it looks to tap opportunities like providing consultancy to stakeholders, signing new PPAs (power purchase agreements) throughout the year and increased supply of power from existing PPAs.

"PTC India has registered a 33 percent increase in trade volume in the month of April FY23. We are eyeing robust growth," he said. On a month-on-month basis, the company has witnessed a rise of 33 percent in traded volume of power in April 2023, and the trend is likely to continue on the back of growing infrastructure across the country, he said.

"Our advisory business has shown a healthy growth. We aim to increase this share too," Mishra said.

PTC is a public-private partnership with major PSUs of the power ministry as promoters. As per its website, the share of the promoter companies (POWERGRID, NTPC, PFC & NHPC) is limited to 16 per cent and the balance 84 per cent is owned by financial institutions, large utilities and public.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)