PTC India switches 'on'
Share of PTC India Ltd. is trading higher by 5.74% i.e. up Rs. 2.90 at Rs. 53.50 per share, in an otherwise lack-lustre broader market. The company has announced receipt of Rs.778 crore from UP Power Corporation on account of past outstanding dues against sale of power to the latter.
While it may be a routine receipt for this debt-free PSU, the amount is material as the company generated Rs. 452 crore of cash from operating activities in FY13. Thus, in addition to strengthening cash flows and improve current ratio, it also helps reducing stress on working capital. As of 31st March 2013, it had outstanding debtors of Rs. 2,142 crore, as per the standalone balance sheet.
India’s largest electricity trading company reported consolidated revenue of Rs. 9,213 crore for FY13 and earned net profit of Rs. 198 crore. Its standalone Q1FY14 revenue was Rs. 2,770 crore on net profit of Rs. 30 crore.