PTC India has reported a ₹ 53.86 crore net profit for the fourth quarter of financial year 2018-2019. This is 16.32 per cent lower than the ₹ 64.37 crore bottom line reported in the same quarter of the financial year 2017-2018.
“We have got a dividend of just ₹ 8 crore during the financial year 2018-2019 from our subsidiary PTC India Financial Services Ltd (PFS). In the fiscal 2017-2018, we had received a dividend of ₹ 62 crore from PFS. This has affected the bottom line during the quarter under review,” a company official told BusinessLine.
“The dividends from PFS (for 2017-18) came in only in 2018-19. The mop up was low because of poor performance of PFS which was affected by stress in NBFCs. However, with NBFC sector somewhat looking up in 2018-19, we hope to get higher dividends from PFS during 2019-20”, the official said.
Total income on the other hand rose by 22.68 per cent from the comparable quarter of the preceding fiscal to ₹ 2673.25 crore during the quarter under review. The PTC India board has recommended a 40 per cent dividend on each share of ₹10.
For the full financial year 2018-2019, net profit stood at ₹ 262.32 crore while total income was reported at 13,627.29 crore. Comparably, in the financial year 2017-2018, net profit was ₹ 319.20 crore and total income was ₹ 11,518.49 crore.
Commenting on the dividend being recommended despite lower profits, the company official said, “Operationally our company has been doing well. Our operational income during the fiscal 2018-2019 was ₹ 359.56 crore. This stood at ₹ 310.48 crore in the fiscal 2017-2018.”
“As on March 31, 2019, the Group has an exposure to one of the SPV of IL&FS group entity, which has been classified under Amber category. Under this category, the entity can meet payment obligation to senior secured financial creditors and operational creditors. It has been categorised as ‘Standard Asset’ in line with RBI prudential norms,” a company statement to the BSE said.
“During the year ended March 31, 2019 loan amounting to ₹ 385.78 crore has been written off post resolution of such amounts,” the statement added.