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PTC net surges 127% in H1

October 27, 2003 13:48 IST

Power Trading Corporation on Monday reported a massive 127 per cent jump in its net profit at Rs 13.73 crore (Rs 137.3 million).

PTC, which sold 4.82 billion units of energy during April-September this year, recorded a turnover of Rs 998.74 crore (Rs 9.99 billion).

PTC has said it was planning to tap the capital market with its proposed initial public offer to enhance the equity base to Rs 150 crore (Rs 1.50 billion) from the existing Rs 74.5 crore (Rs 745 million) despite International Finance Corporation deferring the decision to pick up stake in the company.

"We are waiting for IFC's final decision... if it is delayed, we shall go ahead without them," PTC chairman and managing director T N Thakur told PTI in New Delhi.

The existing share capital of Rs 74.5 crore has been contributed by the promoters namely PGCIL, NTPC, PFC and NHPC along with Tata Power, DVC, IDBI, LIC, GIC, IDFC and IFCI.

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