Power trading solution provider PTC India Ltd on Saturday posted a 17.67 per cent fall in its consolidated net profit at Rs 129.34 crore during the March quarter, dragged by higher expenses.Its net profit was Rs 157.11 crore during the January-March quarter of FY22, the company said in a regulatory filing.

The company’s total income, however, rose to Rs 3,643.02 crore from Rs 3,107.04 crore in the year-ago quarter. Expenses too grew to Rs 3,471.95 crore as against Rs 2,890.57 crore a year ago. In a separate statement, Rajib K Mishra, Chairman & Managing Director of PTC India Ltd, said the board of directors has recommended a dividend of Rs 7.8 per equity share for FY23, reiterating the confidence in PTC’s business model and prospects of the business in the future.

“Our subsidiaries have both shown a turnaround in business operations with demonstrated profitability resulting in the consolidated numbers of PTC Group showing a significant resilience in a volatile year. While PTC Energy Limited reported a profit after tax of Rs 13.88 crore for FY23, PTC India Financial Services Limited (PFS) contributed Rs 175.81 crore to the group profitability. Also, PFS has declared a dividend of Re 1 per share for FY23,” he said.

The company’s power trading volumes fell 5 per cent in Q4FY23 to 16,390 million units (MU) as compared with 17,329 MU in Q4FY22. Further, PTC has been mandated by the Government of India to trade electricity with Bhutan, Nepal and Bangladesh.