PTC India Financial Services (PFS), a subsidiary of PTC India, today reported a decline of 59.4 per cent in standalone net profit at Rs 84.89 crore for the July-September quarter of the fiscal.
Company's profit in corresponding July-September quarter was at Rs 211.35 crore.
Total income from operations also fell to Rs 335.06 crore during the quarter, as against 442.29 crore a year ago.
"PAT (profit after tax or net profit) grew by 118 per cent respectively during second quarter 2016-17, excluding the effect of a profit of Rs 206.93 crore earned during second quarter of 2015-16 on sale of investment by PFS," the company said in a release.
The net interest income for July-September 2016-17 grew by 50 per cent to Rs 141.81 crore compared to Rs 94.68 crore and interest income grew by 42 per cent to Rs 304.06 crore, from Rs 214.04 crore a year ago.
PFS said it earned an income of Rs 11.59 crore by way of premium on redemption of debentures held in one of the borrower company during September quarter.
Also, during the quarter one loan account with an exposure of Rs 125 crore, earlier identified as non-performing, has
been upgraded as standard asset resulting into an interest income of Rs 23.83 crore during the quarter, it added.
"The growth momentum has continued during the quarter and debt assistance sanctioned during the quarter increased by 62 per cent to Rs 3,081 crore whereas disbursements grew 29 per cent to Rs 881 crore year-on-year basis. The renewable energy projects continue to present good opportunities and we are hopeful of maintaining the growth," Managing Director and CEO Ashok Haldia said in the statement.
PFS' total outstanding loan assets growth was at 30 per cent to Rs 9,418 crore as on September 2016, from Rs 7,225 crore a year ago.
Total cumulative effective debt sanctioned stood at Rs 18,200 crore, the company said.
A non-banking financial company, PFS offers financial services to infrastructure companies in the energy value chain. It also provides fee based services: loan syndication and underwriting etc.
Stock of the company closed 1.02 per cent down at Rs 38.65 on BSE.
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