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PTC India: Same story continues... - Views on News from Equitymaster
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PTC India: Same story continues...
Dec 21, 2015

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

Performance summary

  • Revenues declined by 16.4% YoY led by flat volumes. Trading volumes declined by 1.4% YoY owing to subdued demand from distribution companies.
  • Operating profits declined by 1% YoY. However, there is a marginal improvement in operating margins by 0.3%.
  • Profit has risen by 4.5% YoY led by higher other income and lower depreciation.

Standalone financial performance

Rs (m) 2QFY15 2QFY16 Change 1HFY15 1HFY16 Change
Trading volume (MU) 12,724 12,546 -1.4% 23,033 22,811 -1.0%
Net revenue 42,123 35,210 -16.4% 79,018 68,172 -13.7%
Expenditure 41,299 34,394 -16.7% 77,617 66,758 -14.0%
Operating profit 824 816 -1.0% 1,401 1,414 0.9%
EBIDTA margin (%) 2.0% 2.3%   1.8% 2.1%  
Other Income 442 489 10.7% 533 603 13.1%
Depreciation 11 9 -17.1% 20 17 -13.5%
Interest 3 3.4 9.7% 4 5 17.5%
Profit before tax 1,252 1,293 3.3% 1,910 1,994 4.4%
Prior period expenses 4     3    
Tax 292 286 -2.0% 513 509 -0.9%
Effective tax rate 23.3% 22.1%   26.9% 25.5%  
Profit after tax/ (loss) 964 1,007 4.5% 1,400 1,486 6.1%
Net profit margin (%) 2.3% 2.9%   1.8% 2.2%  
No. of shares (m)         296  
Diluted earnings per share (Rs)*         7.1  
Price to earnings ratio (x)*         8.7  

*On a trailing 12 months basis

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