PTC India Reinstates Board Meeting on May 30

Power trading solution provider PTC India on Thursday, reinstated its May 30 board meeting to declare its financial results for the quarter that ended March 2024. However, the company on Wednesday, May 29  deferred its board meeting schedules on May 30 due to the unavailability of financial results of subsidiary PTC India Financial Services (PFS).

Key Takeaways from PTC India’s Announcement:

• PTC reinstates May 30 for its board meeting to declare financial results.
• The company on Wednesday deferred its May 30 meeting with the board on account of the unavailability of its subsidiary PFS’s financial results.
• PTC holds a 64.99% stake in PFS.

PTC India holds a 64.99% stake in its wholly-owned subsidiary PFS and is registered with RBI as a Non-Banking Financial Company (NBFC).

Earlier on May 29, the exchange filing stated ‘Board meeting proposed on May 30th, 2024 for consideration of approval of standalone and consolidated Financial Results of PTC India for the quarter and year ended March 31, 2024, including recommendation for final dividend for FY23-24 has been deferred on account of non-availability of financial results of PFS’.

About PTC India:

PTC India is an initiative of the government of India, the pioneer in starting a power market in India. The company has also been mandated by the GoI to trade electricity with Bhutan, Nepal and Bangladesh. PTC India is credited with several products in the electricity trading market to meet the divergent needs of the customers. The company is a unique example of a successful public-private partnership with major PSUs of the Ministry of Power.

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