New Delhi, Nov 12 (PTI) Power trading solutions provider PTC India on Tuesday posted a nearly 16 per cent rise in its consolidated net profit to Rs 233.82 crore for the September quarter on higher revenues.
The company had reported a consolidated net profit of Rs 202.31 crore in the quarter ended September 2023, a BSE filing showed.
Its total income rose to Rs 5,133.63 crore in the quarter from Rs 5,088.29 crore a year ago.
The Board of Directors of the company in its meeting held on November 12, 2024, approved the appointment of Rajneesh Agarwal as the nominee director of NHPC Ltd on the board, the filing stated.
In a separate statement, the company stated that the trading volume rose 13 per cent in Q2 FY25 to 24,039 MU (million units compared to 21,326 MUs in Q2 FY24.
The consulting income for Q2 FY25 stood at Rs 10.30 crore while the core trading margin stood at 3.60 paise per unit, it informed.
PTC India Chairman and Managing Director Manoj Kumar Jhawar said, "A healthy mix of volume from trades across different tenures has contributed to the growth of 13 per cent in trading volume in Q2 FY25. The short-term has contributed 56 per cent of the volume, and the balance has been contributed by medium- & long-term contracts".
He opined that the new business drivers for the sector will be the renewable energy, storage solutions and consulting offerings.
PTC India, a government initiative, is the pioneer in starting a power market in India.
The company has maintained its leadership position in power trading since its inception. PTC has also been mandated by the government to trade electricity with Bhutan, Nepal and Bangladesh.