Coal news and updates

PTC India posts Rs 90.78-crore net in Q3

January 22: PTC India Ltd, a power trading solutions company, has posted a net profit of Rs 90.78 crore in Q3 of FY'14, recording a surge of 314% from Rs 21.9 crore in the corresponding quarter of FY'13, according to a company statement.

The company's total revenues for the quarter ended December 31, 2013 rose by 46.5% to Rs 2,751.47 crore as against Rs 1,877.76 crore reported in the quarter ended December 31, 2012.

The company has already tied up more than 11,000 MW generation capacity on a long-term basis and is actively converting this into power sale agreements. The company has already executed long-term power sale agreement for 6,745 MW (including cross-border sales).

Commenting on the results, Deepak Amitabh, Chairman & Managing Director, PTC India Ltd, said, "The volumes during the quarter have increased to 8,236 MU in Q3 of FY'14 as compared to 5,871 MU in Q3 of FY'13, an increase of 40%."

"The company has also been able to realise a surcharge amount of Rs 138.23 crore, mainly from UPPCL, for delayed payments, of which about Rs 73 crore is the net realisation for PTC," he added.