PTC India Q3 net profit plummets to Rs 7 crore

NEW DELHI: Electricity trading firm PTC India's net profit for the third quarter this fiscal plunged to Rs 7 crore due to one-time provision of Rs 33 crore.

The company had reported Rs 91 crore profit the year-ago period.

Total income from operations increased by 5 per cent to Rs 2,823.24 crore during the period under from Rs 2,751.47 crore in the corresponding period of the last financial year, PTC India said in a BSE filing.

PTC India said it plans to divest a part of its long-term investment in Teesta Urja Limited (TUL) so that Government of Sikkim can acquire 51 per cent against its present holding of 26 per cent.

The share of TUL was valued below the face value and for sale/transfer of such shares, there will be a loss of Rs 6.52 crore for which provisions have been made in the accounts.

The company has further made provision of Rs 2.6 crore on the balance of its holding. Shares of PTC India closed at Rs 93.60, down 2.90 per cent on the BSE.