PTC India Q4 Review - Core Business Remains Strong: ICICI Securities
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ICICI Securities Report
Trading volumes increased by 35.6% YoY in Q4 FY21 to 16.3 billion unit resulting in 92.6% YoY increase in PTC India Ltd.’s adjusted profit after tax (adjusted for provisions of Rs 0.6 billion) to Rs 1.2 billion.
The increase in volumes is primarily attributed to 88% jump in short-term volumes to 9.2 billion unit, while medium and long-term volumes were flat at 7.1 billion unit.
However, trading margins shrunk 22% to 3.3p/kilowatt due to two factors:
higher short-term transactions, and
withdrawal of one-off gains from Bangladesh cross-border trades booked in prior quarters.
Higher late payment surcharge from discoms resulted in 151% YoY increase in surcharge to Rs 1.1 billion, although rebates were 15% lower YoY at Rs 260 million.
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