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PTC India: Spurt in Medium Term Volumes - Views on News from Equitymaster

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PTC India: Spurt in Medium Term Volumes
Feb 15, 2016

PTC India declared its results for the quarter ended December 2015. Here is our analysis of the results.

Performance summary

  • Revenues grew by 4% YoY led by increase in short and medium term volumes.
  • Operating profits grew by 14.7% YoY, led by a 0.2% YoY improvement in operating margins on account of higher proportion of medium term volumes (which offer better margins).
  • Profit rise by 584% YoY. On adjusting for the exceptional items, profits come in higher by 15.8%.

Standalone numbers...

Rs (m) 3QFY15 3QFY16 Change 9MFY15 9MFY16 Change
Trading volume (MU) 7,773 9,761 25.6% 30,806 32,572 5.7%
Net revenue 28,232 29,381 4.1% 107,251 97,553 -9.0%
Expenditure 27,730 28,805 3.9% 105,348 95,564 -9.3%
Operating profit 502 576 14.7% 1,903 1,989 4.5%
EBIDTA margin (%) 1.8% 2.0%   1.8% 2.0%  
Other Income 94 90 -3.6% 627 693 10.5%
Depreciation 11 9 -15.1% 31 26 -14.6%
Interest 3 2.8 7.7% 6 8 17.2%
Profit before tax 582 654 12.3% 2,493 2,648 6.2%
Exceptional Items (325) (0.1)   322 -  
Tax 191 201 5.0% 704 709 0.7%
Effective tax rate 32.8% 30.7%   28.2% 26.8%  
Profit after tax/ (loss) 66.3 453.3 583.7% 1,467 1,939 32.2%
Net profit margin (%) 0.2% 1.5%   1.4% 2.0%  
No. of shares (m)         296  
Diluted earnings per share (Rs)*         8.5  
Price to earnings ratio (x)*         7.0  

* (Trailing 12 month earnings)

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