PTC India Financial Services Ltd - Stock Valuation and Financial Performance

BSE: 533344 | NSE: PFS | Finance - NBFC | Small Cap

PTC India Fin. Serv Share Price

33.16 -0.55 -1.63%
as on 19-Mar'24 16:59

DeciZen - make an informed investing decision on PTC India Fin. Serv

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

PTC India Financial Services stock performance -

mw4me loader
P/E Ratio (SA):
11.81
Market Cap:
2,165.1 Cr.
52-wk low:
12.2
52-wk high:
67.9

Is PTC India Financial Services Ltd an attractive stock to invest in?

1. Is PTC India Financial Services Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that PTC India Financial Services Ltd is a below average quality company.

2. Is PTC India Financial Services Ltd undervalued or overvalued?

The key valuation ratios of PTC India Financial Services Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is PTC India Financial Services Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of PTC India Financial Services Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of PTC India Fin. Serv:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
PTC India Financial Services Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Operating Income (₹ Cr.)5468021,1871,3511,1881,3341,3641,131953791774
YoY Gr. Rt. %-46.8%48%13.8%-12.1%12.4%2.2%-17.1%-15.7%-17%-
Adj EPS (₹ ) 3.72.975.4-1.62.91.70.422.72.9
YoY Gr. Rt. %--22.7%143.4%-22.7%-129%NA-40.4%-76.6%405%35.6%-
BVPS (₹ )2425.63137.730.232.232.93335.33839.3
YoY Gr. Rt. %-6.5%21.3%21.5%-19.9%6.6%2.3%0.2%6.8%7.9%-
To view Net Profit/Total Funds (%) Colour Rating Guide click here
Net Profit/Total Funds (%)4.82.64.83.4-0.81.40.90.21.220

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Net Interest Income4.2%-7.8%-16.6%-17%
Adj EPS-3.3%NA17%35.6%
BVPS5.3%4.7%4.9%7.9%
Share Price 9% 15% 20.4% 136.7%

Key Financial Ratios

RATIOS \ YEARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Asset Quality Ratio To view Asset Quality Ratio Colour Rating Guide click here
Net NPA to Net Advances (%)0000000000-
Capitalization Ratio To view Capitalization Ratio Colour Rating Guide click here
Capital Adequacy Ratio (%) 0000000000-
Margins
Net Profit Margin (%)3820.13325.6-8.413.88.12.313.622.223.6
Performance Ratios To view Performance Ratios Colour Rating Guide click here
Return on Equity (%)16.111.624.616.6-4.69.25.31.25.97.57.2

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 7.40%

Net Profit has increased 17.02 CAGR in last 3 years

Total income growth is good in last 4 quarters

Total Income has declined -5.35 CAGR in last 3 years

Latest Financials - PTC India Financial Services Ltd.

Standalone Consolidated
TTM EPS (₹) 2.9 2.9
TTM Sales (₹ Cr.) 774 774
BVPS (₹.) 39.3 39.3
Reserves (₹ Cr.) 1,883 1,883
P/BV 0.86 0.86
PE 11.81 11.81
From the Market
52 Week Low / High (₹) 12.15 / 67.90
All Time Low / High (₹) 6.78 / 73.15
Market Cap (₹ Cr.) 2,165
Equity (₹ Cr.) 642.3
Face Value (₹) 10
Industry PE 29.5

Management X-Ray of PTC India Fin. Serv:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of PTC India Fin. Serv

Adj EPS (Rs.)

Total Income (Cr.)

ROE (%)

BVPS (Rs.)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Income5468021,1871,3521,1881,3371,3701,142969797
Interest Income5468021,1871,3511,1881,3341,3641,131953791
Other Income 000112511166
Expenditure 2615576558231,3391,0561,1981,048795565
Interest Expense 221417530645686945950753582433
Operating Expenses 20242934383843434043
Provisions 20116971456167220425217489
Exceptional Items 0000000000
Profit Before Tax 285245531529-15028117293174232
Taxes 7784140183-509762684457
Profit After Tax 208161391345-10018411026130176
Adjusted EPS (₹)3.72.97.05.4-1.62.91.70.42.02.7
Dividend Payout Ratio (%)27%35%17%28%-13%28%26%0%0%37%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Equity Capital1,3491,4371,7432,4191,9392,0672,1152,1202,2642,443
Share Capital 562562562642642642642642642642
Reserves 7878751,1801,7771,2971,4241,4731,4771,6221,800
Minority Interest0000000000
Long Term Borrowings2,5794,1155,3165,40810,29810,8209,7839,2617,8555,050
Current Liabilities 1,6591,4722,1753,51954086536283713291
Trade Payables3344537322
Short term borrowings1,4171,1601,4082,855395660115603424
Other Liabilities-1,421-1,163-1,412-2,859-401-663-122-606-6-25
Total Liabilities 5,5877,0249,23311,34612,77713,75112,26112,21810,2517,584

Assets

Non Current Asset 5,1696,1568,53410,59612,71013,70311,82211,3599,2926,989
Loan Asset 4,5195,4637,8079,79911,80612,64410,3689,9618,0596,847
Other Non Current Asset 6506937277979041,0591,4541,3981,233142
Current Asset 4178687007506748439859959595
Current Investment0000000000
Other Current Asset4178687007506748439859959595
Total Assets 5,5877,0249,23311,34612,77713,75112,26112,21810,2517,584

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -2,080-751-1,167-888-1,3022363,2281,3112,7211,887
Cash Flow From Investing Activity -7-10-5-130-386-162-154259
Cash Flow From Financing Activity 2,0527411,1699041,338-257-2,652-883-2,719-2,459
Net Cash Flow -34-1121124-21191266-151-312
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Operational & Financial Ratios

EPS (₹)4375-232023
DPS (₹)1112010001
BVPS (₹)24263138303233333538

Performance Ratios

ROA (%)4.82.64.83.4-0.81.40.90.21.22.0
ROE (%)16.111.624.616.6-4.69.25.31.25.97.5
ROCE (%)12.611.214.012.34.79.89.27.57.37.9

Valuation Parameters

Price/Book(x)0.62.21.11.10.80.50.20.60.40.3

PTC India Financial Services Ltd Stock News

PTC India Financial Services Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of PTC India Fin. Serv on 19-Mar-2024 16:59 is ₹33.16.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 19-Mar-2024 16:59 the market cap of PTC India Fin. Serv stood at ₹2,165.1.
The latest P/E ratio of PTC India Fin. Serv as of 19-Mar-2024 16:59 is 11.81.
The latest P/B ratio of PTC India Fin. Serv as of 19-Mar-2024 16:59 is 0.86.
The 52-week high of PTC India Fin. Serv is ₹67.90 and the 52-week low is ₹12.15.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of PTC India Fin. Serv is ₹774.2 ( Cr.) .

About PTC India Financial Services Ltd

PTC India Financial Services was incorporated on September 8, 2006 as a public limited company, in the name of “PTC India Financial Services Limited” under the Companies Act with the RoC. The certificate for commencement of business was issued by the RoC on March 30, 2007. The company is not a government company within the meaning of Section 617 of the Companies Act. PTC holds 77.60% of the company’s equity share capital and GS Strategic Investments (an affiliate of The Goldman Sachs Group, Inc.) and Macquarie India Holdings (an affiliate of The Macquarie Group) each hold 11.20% of the company’s equity share capital.

The company is an Indian non-banking financial institution promoted by PTC India (PTC) to make principal investments in, and provide financing solutions for, companies with projects across the energy value chain. They believe they are one of the few financial institutions in India that provide both equity and debt financing, including short-term and long-term debt, as well as structured debt financing. With a focus on infrastructure development, they offer an integrated suite of services including provision financing to, and make investments in, private sector Indian companies in the power sector, including for power generation, equipment supply and fuel source projects. They are currently focused primarily on power generation projects in India. They also provide fee-based syndication and advisory services as well as carbon credit financing against certified emissions reduction (CER).

They are regulated by the Reserve Bank of India (RBI) as a systemically important non-deposit taking, Non Banking Financial Company (NBFC), and have been classified by the RBI as an Infrastructure Finance Company, or IFC, in August 2010. The IFC status enhances their ability to raise funds on a cost-competitive basis and enables them to assume higher debt exposure in infrastructure projects. They are a subsidiary of and promoted by PTC, which is the market leader for power trading solutions in India, according to the Central Electricity Regulatory Commission monthly report on short term transactions of electricity (December 2010). PTC purchases power primarily for sale to power utilities and also provides comprehensive solutions for the power sector in India. As of December 31, 2010, PTC had a portfolio of power purchase agreements aggregating to approximately 14,185 MW and memorandum of understandings for an additional approximately 13,243 MW. PTC is a GoI initiated company promoted by National Thermal Power Corporation (NTPC), Power Grid Corporation of India, Power Finance Corporation (PFC) and NHPC. They benefit from the power sector expertise, network and relationships of PTC and its affiliates, which provide them with early access to business opportunities.

Products and services:

Equity Investments - The focus of equity investment is for projects in brown field as well as green field, backed by promoters with proven track record, good growth prospects and clearly defined exit routes. Their investment horizon tends to focus on the short to medium term. They also provide the last mile equity to power projects as and when required depending upon the project viability, its progress and their investment guidelines.

Lending - PFS offers debt assistance to projects subject to exposure limits stated earlier. PFS structure the debt assistance taking into consideration factors like needs of the borrowing entity, the market conditions, regulatory requirements, risks and rewards from the projects. PFS provides debt assistance to projects in the entire energy value chain i.e. power projects, fuel sources, related infrastructure like gas pipelines, LNG terminals, ports, equipment manufacturers like transformers, conductors, insulators, cables etc; which are technically and economically viable.

Fee Based Services - PFS aspires to leverage its wide experience base in executing small and large offerings and the capacity to play the role of an advisor and arranger for power projects. With a core team of in-house power sector professionals, PFS strives to help its clients to become more competitive, effective and successful. PFS expects to build a formidable presence in the area of Finance Advisory and Funds Syndication in coming future.

Carbon Financing - PTC India Financial Services (PFS), a subsidiary of PTC India undertakes carbon financing transactions through structured finance instruments tailor made to meet requirements of the projects. PFS envisages a significant growth in emission reduction activities in India and, hence, sees diversified opportunities in the Carbon Finance Business. In the next three years PFS proposes to build a portfolio of more than 3 million carbon credits.

 

Milestones:

2006-07

  • The company was incorporated.

2007-08

  • The company commenced business.
  • The company made first investment in India’s first power exchange i.e. Indian Energy Exchange.
  • The company got investment from strategic investors i.e. GS Strategic Investments and Macquarie India Holdings.

2008-09

  • The company commenced debt financing business.

2009-10

  • The company commenced financing of future generation of carbon credits.
  • The company commenced 6 MW wind power project in the State of Karnataka.

2010-11

  • The company received the status of an “Infrastructure Finance Company” from RBI.
  • The company entered into an agreement with Deutsche Investitions-Und Entwicklungsgesellschaft mbH (DEG), Germany for availing external commercial borrowings in the nature of a term loan for an amount of $26 million.
  • The company commenced fee based services by receiving a mandate from Greta Energy appointing the company as the lead financial institution, lenders’ agent and security agent for a 15 MW coal based project; and
  • The company received short term borrowing rating of ‘A1+’, (indicating high credit quality and lowest credit risk for short term) which is the highest rating granted by ICRA.

 

Accreditations:

  • August 2010 - Re-affirmation by Brickwork Ratings India of BWR AA rating (indicating high credit quality in terms of timely servicing of debt obligations) earlier assigned to their previous two issues of NCDs aggregating to Rs 1,000 million each with a tenor of five years to be made by the company and their proposed unsecured NCD issue of Rs 2,000 million.
  • August 2010 - Reaffirmation of A1+ rating (indicating high credit quality and lowest credit risk for short term) earlier assigned by ICRA to the Commercial Paper Programme of Rs 1,000 million to be made by the company. The said rating is valid till August 19, 2011.
  • June 2010 - Long-term rating of LA+ assigned by ICRA with positive outlook to the issue of NCDs aggregating to Rs 1 billion to be made by the company and an A1+ rating (indicating high credit quality and lowest credit risk for short term) to the Commercial Paper (CP) Programme aggregating to Rs 1 billion to be made by the company. ICRA also reaffirmed LA+ ratings assigned earlier to the two separate issues of NCDs of Rs 1 billion each made earlier by the company and revised the outlook on ratings for Previous NCD issues from ‘stable’ to ‘positive’. The long term sanctioned bank lines were also enhanced from Rs 3 billion to Rs 4.25 billion and outlook on ratings for the same was revised from ‘stable’ to ‘positive’.
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