FCC

PTC India secures two long-term power purchase agreements for 215 MW

2023-06-02

PTC India, a power trading solutions provider, has recently signed two long-term agreements for the purchase of 215 MW of electricity, according to the company's CMD, Rajib K Mishra. One agreement entails the purchase of 100 MW of solar power from Brookfield Renewables, while the other involves the purchase of 115 MW of thermal power from V S Lignite. Mishra confirmed that both agreements are for long-term arrangements. PTC India will market the procured power to various utilities, as well as commercial and industrial consumers. Regarding the company's Q4 results, Mishra stated, "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 the future." In the March quarter, PTC India reported a 17.67% decline in consolidated net profit, amounting to Rs 1.29 billion, compared to Rs 1.57 billion in the same period of the previous fiscal year. However, the company's total income increased from Rs 31.07 billion to Rs 36.43 billion year-on-year. Mishra attributed the decline in net profit to a "49% reduction in net surcharge earned to Rs 1.08 billion in FY23.”

Without disclosing specific figures, he expressed optimism about robust business revenue growth in the financial year 2023-24. PTC India aims to seize opportunities such as providing consultancy services to stakeholders, signing new power purchase agreements (PPAs) throughout the year, and increasing power supply from existing PPAs. Mishra revealed, "PTC India has registered a 33% increase in trade volume in the month of April FY23. We are eyeing robust growth." He further stated that the company has observed a month-on-month rise of 33% in traded volume of power in April 2023, with the trend expected to continue due to the expanding infrastructure across the country.