New Delhi: PTC India Limited, the leading provider of power trading solutions in India, today successfully completed its 23rd Annual General Meeting (AGM) and adopted all the five resolutions listed in the agenda of the AGM with a majority-vote on 30 December, 2022.
All the five resolutions proposed by the company regarding Approval of the standalone / consolidated results, final dividend of INR 5.80 / equity share, re-appointment of Directors and appointment of nominee director of Ministry of Power were approved by the shareholders with an overwhelming majority.
The company also informed the shareholders about itsperformance during the financial year 2021-22. The company had declared its consolidated Annual Results for year ending March, 2022 on
24 November 2022. The consolidated profits for the year grew by 21%. The Consolidated PAT increased to INR 552 Crores for FY22 compared to INR 458 Crores in FY21. The company also reported record volumes of 87.5 BU during the financial year 2021-22, a growth of 9.3%.
The shareholders during the AGM approved final dividend of INR 5.80 per equity share for FY22, which is in addition to the interim dividend of INR 2 per equity share declared by the company earlier making it the highest ever dividend declared by the company.
Commenting on the occasion, Dr. Rajib K Mishra, CMD (addl. charge), PTC India Limited, said:
“Shareholders have a very significant role in a company, their perception and assessment is an essential yardstick to gauge the performance of any company. In this 23rdAGM, shareholders of PTC India have voted in favor of all the resolutions with an overwhelming majority.
We would like to thank all our shareholders for re-emphasizing their trust in the company. Going forward, PTC intends to consolidate its core trading business and include newer business models especially in new and renewable energy. We are also exploring opportunities to leverage market and credit risks based on our domain expertise developed over two decades.
We are also looking forward to expand our value added services as an integrated energy solutions provider. Energy portfolio management services, trading & advisory services related business opportunity towards services/solutions in renewable energy space and operations and maintenance (O&M) services for SEZs/ Industrial Zones/ distribution utilities continue to remain our thrust areas. We are also exploring opportunities in emerging areas of Green Hydrogen, Battery Energy Storage Systems through collaborations with global technology companies.
Further, as a responsible corporate citizen with pan India trading operations, the company is also committed to ensure its contribution to welfare of the communities at various locations in the country. We are undertaking various CSR initiatives through our Trust – “PTC Foundation” which is focusing on social welfare activities in the field of Health, Women Empowerment, Education, Distributed Solar Energy Generation, Rural Development and Environment.
We have also decided to adopt the ESG initiatives and have also identified the KPIs for ESG implementation. The road map for ESG implementation would beratified by the board in the ensuing board meetings of the company”
PTC India Ltd.is the pioneer in starting a power market in India. The Company has maintained its leadershipposition in power trading since inception. PTC has also been mandated by the Government of India to tradeelectricity with Bhutan, Nepal and Bangladesh. PTC India has two subsidiaries, PFS – a public listed non-bankingfinancialinstitutionregisteredwithRBIandwholly ownedsubsidiary,PELwithwind energyassets.
The trading activities undertaken by PTC include long term trading of power generated from large power projectsincluding renewables as well as short term trading arising as a result of supply and demand mismatches, whichinevitablyoccurinvarious regionsofthecountry.
TheCompanyiscreditedwithanumberofproductsintheelectricitytradingmarkettomeetthedivergentneeds of the customers. Driven by the vision of shaping a vibrant power market, PTC has been providing value-addedservices to its clients and built trust as a reliable partner. The electricity traded from cross borderresources is asignificantcomponentofthetotalelectricitytradedbytheCompany.
PTC is a unique example of a successful public-private partnership with major PSUs of the Ministry of Power,Government of India as promoters and a widely held ownership interest. The diverse composition of its Board ofDirectorsincludeseminent peopleasindependent directors.