Power Trading Corporation India reported 13 percent rise in the standalone net profit at Rs 56.45 crore for the quarter ended June 30, 2016. The state-run firm declared a net profit of Rs 49.75 crore in the year-ago period. PTC's revenues went up by 14 percent to Rs 3,644.33 crore in April-June this financial year from Rs 3198.91 crore in the same quarter in 2015-16. PTC share price looked satisfies with the performance and began the trading session with the rise of 2.33%.
Power volumes increased by 19 percent to 12,221 million units (MUs) from 10,265 MUs in the corresponding quarter last year. PTC India Chairman and Managing Director Deepak Amitabh declared that the company continues to experienced healthy growth in the power trading volumes. The increase has been on the account of their balanced portfolio that has been developed over the years, with long term contracts witnessing growth along with the exchange traded volumes. Mr. Amitabh’s strong faith in his company took the PTC share price to the intraday high of Rs. 79.30.
PTC has come out as the victorious bidder in various bids called by state utilities for short term power through MoP's DEEP online bidding portal. The success was based upon its transparent practices and robust business model. Mr. Amitabh also declared that PTC has maintained their leadership position and will continue their mission for the development of a vibrant power market in the country. During the quarter, the company executed a Power Purchase Agreement with Bangladesh for supply of 40 MW power. The power supply under the contract will be commenced in October, 2016. Bangladesh Power Development Board had extended the 250 MW PPA with PTC for further period of 6 months.
Currently, PTC share price was trading at Rs. 78.85 with the intraday low of Rs. 77.10. The stock is among Dynamic Levels good books of top 500 performers for the quarter. The company has strong fundamentals and has not reported any loss in last two-quarters. For more details on the stock, go through the PTC share price history page of the website.
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