PTC India on Saturday reported 17.55 per cent higher first quarter 2013-14 net profit at Rs 29.67 crore (Rs 25.24 crore).
The company has witnessed improvement in performance due to increase in volumes in its core business, power trading, said Deepak Amitabh, Chairman and Managing Director of PTC India.
The performance has been encouraging with 28.21 per cent higher volumes of 8,418 million units in first quarter of current fiscal against 6,566 million units in the same quarter previous year, he added.
In the first quarter, PTC finalised an arrangement for 300 mw power sales for three years with Kerala State Electricity Board. In July, it sealed another power sale agreement of 390 mw with Uttar Pradesh Power Corporation Limited for 25 years.
PTC has already tied up power purchase agreement (PPAs) with 14,402 mw capacity and power sale agreement (PSAs) for 5,595 MW as on June 30.
“PTC will continue to focus on growing the long-term PPAs which would aid margins and improve volume visibility,” the company said in a statement.
PTC India Financial Service Limited (PFS), the infrastructure finance subsidiary of PTC, has a loan book of Rs 2,688 Crore as on June 30.