PTC India had slumped on the back of its dismal set of numbers. The numbers showed a 92% (YoY) slump in net profit for Q3FY15 at a mere Rs.7 crore, down from previous Q3’s Rs.91 crore. This was thanks to the one-time provision of Rs.33 crore. This provision comes from the divestment of its long-term investment in Teesta Urja at below face value for sale/transfer. The company has stated that no matter how it is divested, it will necessarily incur a loss of Rs.6.52 crore and if all other shares are also sold, it has pegged the loss at Rs.33 crore. This apart, there is the base effect also at play – in previous Q3 the company has a surcharge of Rs.72 crore, which was outstanding due received from UP and that naturally bolstered the profit.

These reasons apart, the company also had poor trading volumes within the sector itself, which has fallen 6% to US$7.7 billion v/s US$8.2 billion. This was due to the flat growth in the market for short-term over the counter as well as traded power. The company has also blamed it on transmission constraints in the current Q3. Though all these events were short-term and one-off, it surely has dented the performance of the company badly for Q3FY15.