PTC India Ltd's Q4FY18 standalone net profit declines 18.3% yoy to Rs64.4cr

India Infoline Research Team | May 16, 2018 21:03 IST

The company’s standalone revenue stood at Rs4,008cr, up 22.6% yoy but down 9.2% qoq

PTC India Ltd Q4FY18

Standalone Results Q4FY18: (Rs. in cr)

Q4FY18 YoY (%)
Revenue 4,008 22.6
EBITDA 93.40 3.4
EBITDA Margin (%) 2.3 [43]
Net Profit (adjusted) 64.37 [18.3]
***EBITDA margin change is bps
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Reco. Price

91.65

Last updated on

15-May-2018


PTC India (PTC) reported strong growth in revenue which did not reflect in earnings growth due to write down in investments. Revenue grew by 22.6% yoy to Rs4,008cr. EBITDA stood at Rs93.4cr, up 3.4% yoy. EBIDTA margin fell by 43bps yoy to 2.3% due to reduction in trading margins. Net Profit stood at Rs64.3cr for Q4FY18, down 18.3% yoy.
  • Trading revenues rose by 24.2% yoy in Q4FY18 to reach Rs3,925cr. Margins per unit stood at 9.3 paise per unit for Q4FY18 against 12 paise per unit in Q4FY17.
  • A surcharge of Rs34.3cr was recognised in Q4FY18 from sundry debtors against a surcharge of Rs57.5cr in Q4FY17.
  • Other income came in lower, as the company wrote down the value of investments by Rs15cr during the quarter.
  • EBITDA margins shrank by 43bps as employee costs rose by 10% yoy to Rs7.7cr and surcharge expense of Rs2.18cr relating to sundry creditors.
  • The Board has recommended a dividend of Rs4 per share, implying a dividend yield of 4.3% based on current market price
Analyst meet Highlights
  • Regarding financial performance, the management stated that finance cost was higher in part due to a Rs45cr increase in leasing cost.
  • Trading volumes in the medium term market fell by 24% yoy in Q4FY18 due to non-renewal of a PPA.
  • PTC India would be acting as an aggregator for a 2,500MW aggregation of medium term PPAs, which is aimed at thermal power generators. Wining power generation companies would also be able to secure fuel supply agreements in order to help meet the offtake requirement from the PPA.
  • Regarding the power market, the management of PTC India said that they see the short term power market going from ~10% of present to 15% over the next few years.

Technical View:

PTC India Ltd is currently trading at Rs. 92.05, up by 0.4 points or 0.44% from its previous closing of Rs. 91.65 on the BSE.
The scrip opened at Rs. 91.95 and has touched a high and low of Rs. 93.35 and Rs. 90 respectively. So far 27,18,833 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.



***Note: This is a NSE Chart

 

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