Stockrabit · Analysts
Questions across 3 calls

Manoj Kumar Jhawar

Firm not listed in source transcripts

PTC India Limited

Analysts/Institutional Investor Meet/Con. Call Updates PTC India Limited has informed the Exchange about Transcript of Investor/Analyst call held on 16th February 2026 on unaudited financial results of Q3 and 9 months of FY 2025-26. · 2026-02-16
The assignment has been given to SBI CAPS. We are awaiting their final report and we shall be discussing the report once it is made available to us. Many rounds of discussions have happened with the consultants, but before I discuss this with the board, I cannot share more on this.
I will look at it this way. Kindly understand the capital adequacy ratio of PFS is already very high, very comfortable. Almost Rs. 3,000 crores of the net worth is lying in that company. So basically, they do not need further equity infusion from the parent. So that said, it is not as if that we are not supporting them. It is for that company to raise further debt financing, complementing their existing equity structure. It is number one. Number two, even if a divestment has to be done, it cannot be done in a heft. Otherwise, we will be losing the investor value. So, a process has to be followed and different options have to be evaluated. So, rest assured, we are also mindful. It is not as if that we are not aware of the timing or the sales of the timing, but we are working on it.
Analysts/Institutional Investor Meet/Con. Call Updates PTC India Limited has informed the Exchange about Transcript · 2025-11-12
All right. Thank you. So, your first question related to HPX and with the onset of market coupling, you wanted to know the preparedness of the exchange . So, what I can say with certainty is that this exchange is basically operating with a ve ry, very modern technological platform. And we are having Bombay Stock Exchange as the tech support pro vider. And the exchange also has got a very, very competent IT team. So, I absolutely see no reason as to there should be any issue regarding tech support or technology not able to deliver what is required. I see absolutely no reason for that. In my considered professional o pinion, the exchange is functioning very well and functioning with a very latest state- of-the-art technology. So, that answers your questions regarding the preparedness of the exchang e. Regarding the market share, I mean, it is something which will evolve over a period of time. But we are expecting and we hope that because of its service offerings and its ability to connect with clients, this HPX also gains significant market shares. So, time will tell, but we are hopeful. So, that is regarding the HPX. Regarding Rs 3,000 crore cash utilization, you have asked me. So, out of that, you will see that around Rs 1,000 crore, we have to keep as working capital deployed in the main trading business of the PTC. And that is a seasonality. Sometimes with some cl ients, the outstanding position may increase. Sometimes it may decrease. And this is a ve ry, very high-volume business. So, basically, you need to be ready with adequate cash flows to maintain your trading operations. Regarding Rs 1,500 crore to Rs 2,000 crore, we definitely need to invest into some business ventures wherein we are able to ensure visibility of the revenue for the coming decade or so. And that relates to your third question regarding the JV. So, one such venture which we have researched is investing in the renewable energy assets in col laboration with NLC Renewable Energy Limited. So, your question, the third question and the second ques tion, if I were to answer in a joint manner, first query of you is that why we sold the PEL assets if you were to invest again into the renewable energy asset? So, my answer would be that in the PEL, we were the sole owners. And frankly speaking, we are not a very large asset operating company. We got a very good price. All our cash flow models predicted what we were to deri ve from that venture and the deal at which it happened with the ONGC was a very, very profitable deal. So, we went for that. That is one thing. But in this particular venture, we will not be actually required to deploy a large team to operate these assets because basically this is a venture with the NLC. Now NLC is a very, very large and very established player already in the field of not only renewable energy but conventional energy. So, they have got wherewithal and the op erating team and the knowledge, know-how and all other things. So, basically our rol e and responsibility would be related to facilitating the trading and finding the consumers, which I think is our forte. But to be able to get those trading rights and to get into that space, we need to collaborate with them. So, this is a win-win kind of situation wherein multiple kinds of products can be thought over a period of time. We will start with the plain vanilla distribution company bids wherein someone is bidding and if we think that it is making sense for us to quote prices and if we come L1 in those tenders, then some capital definitely would be put up. But at a later stage, merchant capacity may also come, consumer centric capacity may also come. So, this is a good beginning. Now regarding deployment of capital in this particular venture, in itially we are thinking about investing Rs.500 crore also. Since we will be a minority partner, almo st three times of this amount would come from NLC. So, that would make a decent corpus of around Rs. 2000 crore and on that we can further leverage that amount to invest into some big-size projects. Initially we are thinking like this. Time will tell how this venture is going further, but we are very hopeful and this address partly your question regarding capital deployment also. So, I hope I answered your questions.
No, I think this JV is Rs.500 crore we are thinking and there are other opportunities also which we are exploring. We definitely, the energy sector is a happening sector. This is a growing sector and then this great energy transition is happening before our eye s. So, it would be not very wise to distribute the dividend, rather you would like to pu t in some productive assets to ensure long-term revenue assurance for the company for the coming decade or so.
FY2025 Q1 · 2025-08-08
Two things regarding any special dividend. I mean, the matter has to be considered by the Board. Whenever a consensus emerges that any dividend is to be declared, we shall definitely be making an announcement. Here, I would not like to go further than that. That is one thing. Second thing regarding the disinvestment of PTC Financial Services Limited. Board is seized of this matter as I had told in earlier conference calls also. This matter is being actively discussed. As and when any consensus or a directional view appears from the board, we shall inform the market. Right now, this matter is under consideration of the Board. So, I cannot comment more than that.
Yes, actually market coupling is something about which we have been since a very long period advocating. We believe that it is a good development. It is a favorable development. It will help consolidate the very fragmented markets. It will bring in competition and it is likely to help the HPX significantly. So, we hope that this is going to be another business driver for us going forward. Market coupling would definitely help HPX and since we own 22.5% of the HPX, indirectly benefits would accrue to PTC also.