PTC India Ltd on Tuesday said decrease in rebate and treasury income has pulled down its first quarter net profit by 44.20 per cent. The company reported profit-after-tax of Rs 25.24 crore during April-June quarter this year against Rs 45.23 crore in the same period the previous year.
“Rebate income has declined to Rs 2.18 crore in the current quarter against Rs 23.37 crore in the corresponding quarter last year, whereas the treasury income has declined to Rs 1.58 crore in the current quarter against Rs 17.31 crore in the corresponding quarter last year,” PTC India said in a statement.
The company has maintained zero debt throughout the quarter and therefore the interest expenses have declined to Rs 0.11 crore from Rs 1.39 crore in the corresponding quarter last year.
The decline in the company’s profitability has been partly offset by a net operating profit of Rs 12.47 crore under tolling arrangement, it said.
During April-June quarter, PTC India sold 6,566 million units of electricity against 6,726 million units in the same quarter last year, a drop of 2.38 per cent.
The total power purchase agreements signed by PTC India stands at 15,302 MW as on June 30.