Stock Report

PTC India Financial Services to realize dues from Danu Wind Parks Pvt Ltd

Posted On : 2022-03-17 10:14:01( TIMEZONE : IST )

PTC India Financial Services Limited (PFS) is expected to realize over dues from Danu Wind Parks Pvt Ltd as Hon'ble High Court of AP has directed DISCOM to clear dues as per PPA rate.

Danu Wind Parks Pvt. Ltd has developed two wind power projects i.e., 22.8 MW and 25.3 MW in the Kurnool and Anantpur district, Andhra Pradesh (AP) which were commissioned in the year 2016 and 2018 respectively. PFS had sanctioned term debt of Rs. 117 cr and Rs.169 cr in the instant loan accounts respectively.

In 2019, Energy Department of Government of Andhra Pradesh had constituted a High-Level Negotiation Committee to review, negotiate and bring down the wind and solar energy purchase prices. Subsequently, the DISCOM informed developers about reduction in tariff from the rate mentioned in the Power Purchase Agreement (PPAs) executed earlier between developers and DISCOM. As a result, Danu Wind Parks Pvt Ltd was marked as a Stressed asset in the books of PFS due to non-payment of dues. The matter was sub judice and Hon'ble High Court of AP has pronounced a judgement in this matter on March 15, 2022. As per the judgement, the Hon'ble High Court has directed DISCOM to make payment of all pending and future bills at the rate mentioned in the PPAs and payment of arrears/pending bills is required to be made within a period of six weeks from the date of order. In line with this Order, it is expected that the pending bills/over dues of Danu Wind Parks Pvt Ltd will be cleared at agreed PPA rate. It is also expected to benefit other wind and solar projects in Andhra Pradesh which PFS has funded and regular debt servicing is being done by the borrowers.

Shares of PTC India Financial Services Limited was last trading in BSE at Rs. 16.50 as compared to the previous close of Rs. 16.10. The total number of shares traded during the day was 213755 in over 550 trades.

The stock hit an intraday high of Rs. 16.75 and intraday low of 16.20. The net turnover during the day was Rs. 3513587.00.