New Delhi: PTC India on Friday reported a 35.41 per cent decline in its consolidated net profit to Rs 47.96 crore in the March 2020 quarter, due to lower contribution from subsidiaries.
Its consolidated net profit had stood at Rs 74.26 crore in the quarter ended March 31, 2019, according to a regulatory filing.
The company’s total income in the quarter rose to Rs 3,638.50 crore, compared with Rs 3,057.06 crore a year ago.
For the full financial year 2019-20, the consolidated net profit was Rs 406.06 crore, down as compared with Rs 489.75 crore in 2018-19.
The firm’s total income in 2019-20 was Rs 18,123.57 crore, up from Rs 15,283.25 crore in 2018-19.
The board in its meeting on Friday also recommended a dividend of 55 per cent, or Rs 5.50 per share, to the shareholders for their approval.
PTC India Chairman and Managing Director Deepak Amitabh said in the statement, “The challenged broader economic indicators have led to subdued power demand with a growth of mere 1.3 per cent in 2019-20. In this backdrop, PTC India has successfully managed a volume growth of 6 per cent during the year on the basis of a smart revival in the fourth quarter of FY20.
Going forward, during the current year, the structural initiatives taken by the Government of India in the wake of the COVID-19 pandemic would revitalise industries, leading to a positive impact on broader economic indicators and power demand going forward.
“We are confident of maintaining our leadership position based on our diversified business portfolio in the coming quarters,” he said.
Source: ET Markets