PTC India Financial Services reports 6.5% increase in PAT, expenses jack up

Goldman Sachs and Macquarie-backed PTC India Financial Services Ltd (PFS) has reported 6.5 per cent rise in profit after tax to Rs 24 crore in the quarter ended June 30, 2013, as its bottom line was affected by higher expenses and lower other income.

The company’s income from investments and loan financing saw an uptick in its growth numbers, which reported 57 per cent YoY increase to Rs 79 crore in the reporting quarter. However, other income declined close to 30 per cent to Rs 7 crore. Its total income stood at Rs 86 crore, up from Rs 60 crore in Q1 FY13.

The special purpose investment vehicle provides financial services to entities in energy value chain – investing in equity or extending debt to power projects in generation, transmission and distribution, fuel sources, fuel-related infrastructure like gas pipelines, LNG terminals, ports and equipment manufacturers, etc.

The firm saw its cost overruns jack up finance costs, employee benefit cost, contingent provision against standard assets, loss on foreign currency translation and other expenses, which, put together, dragged its profit growth numbers.

The company, a subsidiary of PTC India, raised funding from Goldman Sachs and Macquarie in 2008 and went public in late 2010.

(Edited by Sanghamitra Mandal)

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