PTC India to use Rs 135 Crore Tax Refund for Financing Green Projects

PTC India Financial Services is set to receive a tax refund of ~Rs 135 crore and plans to use it for further financing of green projects.

PTC India Financial Services has revealed that the Income Tax Department has processed its return of income for the assessment year 2019-20 (financial year 2018-19) and determined a refund of ~Rs 135 crore (Rs 134.91 crore). The amount includes an interest of Rs 5.81 crore. The firm has intimated that the funds will be used for further financing of green projects.

“The above refund is expected to be received shortly and will be utilised in financing sustainable and environmental-friendly infrastructure projects related to green energy, water sewage treatment plants, and electric vehicle charging stations,” the company said in a statement.

PTC India Financial Services is a non-banking finance company promoted by PTC India Ltd. The company offers an array of financial products to infrastructure companies in the entire energy value chain and other infrastructure industries. It also provides fee-based services like loan syndication and underwriting.

In May 2019, we had reported on the financial results of PTC Financial Services for the financial year 2018-19. For PFS the total revenue for the year stood at Rs 1,336.51 crore, which was Rs 151.36 crore more than the company reported in the previous year (FY 2017-18) at Rs 1,185.15 crore. From 2017-18 to 2018-19 the company witnessed an increase in revenues by nearly 12.7 percent. Profit before Tax (PBT) and Profit after tax (PAT) for the year ended March 31, 2019, stood at Rs 281 crore and at Rs 184.14 crore respectively.

“We will continue to grow in the renewable sector in which we are having negligible stress and having huge growth opportunities in future. We will also be tapping the growth opportunities in new similar areas of businesses like SBG city gas distribution, annuity based sewage treatment plants, electrical transportation/charging stations, last-mile energy efficiency solution,” Pawan Singh – MD & CEO had said at the time.

For the final quarter of the year, the company reported that the total revenue stood at Rs 331.05 crore compared to Rs 296.75 crore in Q4 FY 2018, up by 11.55 percent. PBT stood at Rs 57.23 crore as compared to a loss of Rs 402.10 crore in Q4 FY 2018. Return on Net worth stood at 7.18 percent in comparison to a negative return on net worth in Q4 FY 2018.