PTC India Fin Services slips 14% after asset quality deteriorates sharply

NEW DELHI: Shares of PTC India Financial Services slumped over 12 per cent on Tuesday as the company saw a sharp rise in its Gross non-performing assets to 4.07 per cent in Q2 from 0.08 per cent in the same quarter a year ago.

However, the NBFC company saw its five-fold jump in September net quarter profit at Rs 211.25 crore compared with Rs 38.13 crore reported for the same period a year ago. The company announced its quarterly numbers post market hours on Monday.

In reaction to the earnings, the scrip slumped 14.55 per cent to hit a low of Rs 40.90. The company's total income from operations increased to Rs 442.28 crore from Rs 199.38 crore in the year-ago period, signifying a 122 per cent jump.

"The profit, interest income and the loan book continue to look upwards," Dr Ashok Haldia, MD & CEO, said in a statement released on BSE website.