PTC India has signed two long-term agreements for 215 MW power purchase

1 Jun 2023 , 11:19 AM

According to the company’s CMD Rajib K. Mishra, who talked to PTI, power trading solutions provider PTC India has inked two contracts for the long-term purchase of 215 MW of electricity. 

According to him, a contract for the purchase of 100 MW of solar energy has been made with Brookfield Renewables, while another contract for the purchase of 115 MW of thermal energy has been inked with V S Lignite.

According to Mishra, the most recent agreements were both long-term contracts.

The power would be sold by PTC India to different utilities as well as business and industrial customers.

The CMD commented on the company’s Q4 earnings, saying: ‘We have declared a dividend of Rs 7.80 per equity share for our shareholders. The payment demonstrates our faith in the business strategy and the potential for future growth.

PTC India’s consolidated net profit fell by 17.67% during the March quarter to Rs 129.34 crore from Rs 157.11 crore during the January-March quarter of FY22.

However, the company’s overall revenue increased to Rs 3,643.02 crore from Rs 3,107.04 crore in the corresponding quarter last year.

According to Mishra, the decline was caused by a ‘49% reduction in net surcharge earned to Rs 108.53 crore in FY23.’

Without providing specific figures, he stated to ET that the company anticipates a significant increase in business revenues during the fiscal years 2023–2024 as it looks to capitalize on opportunities such as consulting with stakeholders, signing new PPAs (power purchase agreements) all year long, and increasing power supply from existing PPAs.

‘In the month of April FY23, PTC India saw a 33% growth in trade volume. We intend to grow substantially, he remarked.

In April 2023, the company saw a surge in the volume of power traded month over month of 33%, and the trend is anticipated to continue as the nation’s infrastructure continues to expand, he said.

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