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NEW DELHI : State-run power company PTC India on Wednesday reported a 29.2% fall in its consolidated net profit for the July-September quarter at 138.23 crore.

During the same period of the last financial year, the company had reported a net profit of 195.48 crore.

A statement from the company showed that the the trading volumes during the quarter under review was 21,212 millino units in Q2FY23 compared to 27,999 million units in Q2FY22.

For the first quarter of the current fiscal (FY23), it registered a consolidate net profit of 135.10 crore compared to 136.17 crore in the corresponding period of the last fiscal.

The results have come after the exchanges halted the trading on its shares along with that of its subsidiary PTC India Financial Services (PFS) due to delay in announcements of the quarterly earnings. The company hogged the limelight earlier this year when three directors of its subsidiary PFS resigned citing alleged corporate misgovernance, following which SEBI barred the board meetings of the company which caused the delay in its quarterly results.

Commenting on the results Rajib K Mishra, CMD, PTC India Ltd, said: “We are pleased to declare the financial results for Q1 & Q2FY23 and H1FY23. Recently, on

24 November 2022, the company had also declared the consolidated annual results for the FY22. These consolidated results of the company were long overdue due to various reasons.“

“The publishing of these results would assure our esteemed Institutional and retail investors about company’s commitment to meet all the statuary and regulatory compliances. I would like to reiterate that the top management of the company is committed to the highest standards of transparency and corporate governance," he said.

The statement comes at a time when the company has again been rocked by a series of resignations both in its board and its subsidiary. Former diplomat Preeti Saran on Tuesday resigned as an independent director of the state-run company. This follows the resignations of BSE Chairman and former RBI deputy governor SS Mundra, former secretary in the ministry of finance, Sushma Nath and Jayant Purushottam Gokhale, founder of Gokhale & Sathe.

On the business side, the statement quoted Mishra as saying that the trading volumes during the period were impacted due to high tariffs in short term power markets and supply side constraints on back of high prices of imported and e-auction coal.

“PTC’s robust business model that has withstood the volatile market prevailing in the first two quarters has also allowed us to explore newer models especially in the renewable energy aggregation space. We are creating newer offerings for the renewable energy market along with taking market and credit risks by using our domain knowledge," he said.

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