PTC India signs two deals to purchase 215 MW of power

New Delhi: Power trading solutions provider PTC India has signed two agreements for purchase of 215 MW electricity on a long term basis, company's CMD Rajib K Mishra said.

While an agreement has been signed with Brookfield Renewables for purchase of 100 MW solar power, another pact is with V S Lignite for purchase of 115 MW thermal power, he said. Both the agreements signed recently are on a long-term basis, Mishra said.

PTC India will market the power to various utilities and commercial and industrial consumers. On the company's Q4 results, the CMD said: "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 future."

PTC India posted a 17.67 per cent fall in its consolidated net profit at Rs 129.34 crore during the March quarter, over Rs 157.11 crore net profit during the January-March quarter of FY22. The company's total income, however, rose to Rs 3,643.02 crore from Rs 3,107.04 crore in the year-ago quarter. Mishra attributed the fall to "49 per cent reduction in net surcharge earned to Rs 108.53 crore in FY23".

Without sharing any numbers, he said the company is eyeing a robust growth in its business revenues during the financial year 2023-24 as it looks to tap opportunities like providing consultancy to stakeholders, signing new PPAs (power purchase agreements) throughout the year and increased supply of power from existing PPAs. "PTC India has registered a 33 per cent increase in trade volume in the month of April FY23. We are eyeing robust growth," he said.