PTC India Ltd. share price target

PTC India reported standalone EBITDA of Rs. 141 crore (up 7.1% y-o-y; up 38.4% q-o-q) that was above our estimate on account of higher surcharge income and lower operating expenses. Power trading volumes declined by 1.5% y-o-y to 21,812 million units due to a decline in volumes from short-term contracts, while gross margins (including surcharge and rebate) increased by 12.1% y-o-y to 7.43 paisa per unit. Decent growth outlook for power trading volume given operationalisation of new medium term PPAs; draft regulations...

PTC India Limited (PTC India) reported standalone EBITDA of Rs. 102 crore (up 7.9% y-o-y; up 9.7% q-o-q), above our estimate due to higher-than-expected power trading volume (up 15.3% y-o-y). Gross margin declined by 4.2% y-o-y to 6.23 paisa per unit. Standalone PAT stood at Rs. 63 crore (up 2.2% y-o-y; up 16.3% q-o-q), below our estimate of Rs. 65 crore. The company is likely to operationalise ~950 MW of new power purchase agreement (PPAs), which would drive volume growth, but weakness in the financial performance of...

PTC India reported a mixed set of Q4FY18 numbers wherein volumes were below our estimates while EBIDTA was higher than estimates on account of lower other operating expenses. However, reported PAT was in line with estimates due to lower finance costs. Volumes for Q4FY18 were at 1177.7 crore units, up 16.5% YoY. However, this was below our estimates of 1277.7 crore units. For FY18, PTC clocked total traded volumes of 5701 crore units vs. 4832 crore units in FY17, up 18%. Revenues for Q4FY18 came in at | 3924 crore vs. our estimate of | 4087...

PTC India Financial Services (PFS) has been a financier to small and medium power projects. Consistent focus on small and medium power projects, especially renewable segment has led to healthy growth in advances at 45% CAGR in FY12-16. Asset quality had been resilient with near zero NNPA and marginal GNPA till Q3FY15. However, a slowdown in the power sector and slippage from restructured accounts led to a rise in NPA. Given the current business environment plagued by a slowdown in investment activity and increasing competition from banking peers,...

ICICI Securities Ltd | Retail Equity Research PTC India reported lower-than-expected Q3FY17 results on account of a miss in short-term volumes and profitability. The key silver lining was the robust growth trend in long term volumes Revenues came in at | 3050 crore vs. our estimate of | 3527 crore. Volumes traded for the quarter grew 6% YoY to 1043 crore units vs. our estimates of 1102 crore units. The key disappointment came in from the short-term segment wherein volumes declined 3% YoY....

BUY PTC India Ltd CMP at Rs. 86 and add on dips to Rs. 77-79 for the Sequential Targets Rs. 99, 114

ICICI Securities Ltd | Retail Equity Research PTC India reported a better-than-expected Q2FY17 operational performance. The beat was across volume growth and profitability Reported revenue was at | 4049.6 crore vs. our estimate at | 4294.8 crore. The key positive surprise came in from the 24% YoY volume growth at 1556.1 crore units vs. estimates of 1431.6 crore units. For H1FY17, total volume of power traded was at 2782.7 crore units EBITDA margins came in at 2.25% vs. our estimate of 1.5% in...

ICICI Securities Ltd | Retail Equity Research PTC India reported its Q1FY17 numbers, which were above our estimates. Volume growth was ahead of our estimates, which led to overall PAT beat. PTC has adopted IND AS from Q1FY17 results Revenues were at | 3644.3 crore. The key positive surprise came in from volume growth of 19.1% YoY to 1222.1 crore units vs. our expectation of 1180 crore units in Q1FY17. We believe, going ahead, volume growth should get better on account of better hydro...

Teesta project likely to get commissioned by Q2FY17, will drive 12.7% shah.chirag@icicisecurities.com CAGR in volumes of PTC in FY17-18E. Any slippages in commissioning of...

Key highlights: Volumes were down because of transmission constraints and limited contribution from erstwhile tolling contracts due to contractual dispute. Although core trading margins (Rs 0.047/kwh, +5% yoy) were higher than our estimate, limited...

Q1FY16 volumes at 10.2BU were flat yoy, due to transmission constraints and legal issues impacting erstwhile tolling volumes. Management highlighted that 1.4BU were lost due to grid constraints and contractual delays dented volumes in the erstwhile...