PTC India Financial Services offers Rs716 crore funds to 4 power projects in Q2

PTC India Financial Services Limited (PFS), the financing arm of PTC India Ltd,  has sanctioned financial assistance aggregating to Rs716 crore to four power projects in the current quarter, taking the aggregate amount of loan sanctions in the current fiscal to Rs2,255 crore.

This exceeds the aggregate amount of Rs1,658 crore loans sanctioned during the entire FY11, the company said in a release today.

The company reported an 89-per cent year-on-year growth in its gross revenue for the first half of the current financial year, at Rs97.07 crore.

Similarly, interest income on debt stood at Rs54.09 crore in the first half of the current  year, which is 73 per cent of the interest income on debt in entire FY11.

Profit before tax (PBT) and profit after tax (PAT) during H1 FY12 recorded growth of 36 per cent and 29 per cent, respectively, over the corresponding figures of H1 FY11 despite foreign exchange translation loss on ECBs and mark to market loss on outstanding derivative contracts undertaken for hedging of ECBs valued at Rs4.36 crore during H1 FY12.

PFS said these, however, are not the actual losses as the ECB drawls are for long term tenure of 12 years with 3 years moratorium for principal repayment. However, the provision, though not actual loss, was required to be provided for in terms of accounting standards applicable in India.