Power sector player PTC India saw its net profit surge to Rs 90.78 crore in the three months ended December last year, mainly as it received overdues related to sale of electricity.
The company had a net profit of Rs 21.88 crore in the year-ago period.
Total income from operation went up to Rs 2,751.47 crore in the 2013 December quarter from Rs 1,877.76 crore in the same period a year ago, according to a regulatory filing.
During the latest quarter, PTC India received "surcharge of Rs 13,823 lakh (for the corresponding quarter ended December 31, 2012, Rs 6 lakh) from sundry debtors on amounts overdue on sale of power which has been included in other operating income".
Correspondingly surcharge expense of Rs 6,528 lakh paid/ payable to sundry creditors has been included in other operating expenses, the filing said.
"Service charges of Rs 421 lakh during the quarter (corresponding quarter ended December 31, 2012, Rs 317.20 lakh) have been recognised as income from sale and purchase of electricity through energy exchanges," it added.
Income from operation includes sale of electricity, rebate on purchase of power, service charges and sale of coal.
