PTC India Limited (NSE: PTC) Q3 2025 Earnings Call dated Feb. 13, 2025
Corporate Participants:
Manoj Kumar Jhawar — Chairman and Managing Director, Additional Charge, and Director Commercial and Operations
Pankaj Goel — Executive Director and Chief Financial Officer
Rajiv Malhotra — Executive Director and Chief Risk Officer
Analysts:
Narendra Khuthia — Analyst
Bharanidhar Vijayakumar — Analyst
Unidentified Participant
Suyash Bhave — Analyst
Vipulkumar Shah — Analyst
Rahul K — Analyst
Paresh Sanghani — Analyst
Rajiv Agrawal — Analyst
Navin Goyal — Analyst
Vikram Shah — Analyst
Amitabh Sonthalia — Analyst
Karthic Babu — Analyst
Rupesh Sanke — Analyst
Presentation:
Operator
Welcome to the PTC India Q3 and nine-months FY ’25 Earnings Conference Call. Representing the company and to answer your queries, we have with us on the call the senior management team led by Dr Manoj Kumar Jawar, Director, CNO and CMD, Additional charge. I would now like to hand the conference over to Dr Manoj Kumar Jawar of PDC India Limited. Thank you and over to you, sir.
Manoj Kumar Jhawar — Chairman and Managing Director, Additional Charge, and Director Commercial and Operations
Good afternoon, everyone. I welcome you all to the earnings call of the company post our Q2 Q3 FY ’25 results. I’m joined by the entire management team to take you a long-term details of the company. I have with me Mr Harish, Director Marketing; Mr , who is ED and CFO; Mr Rajiv, who is EP and Chief Risk Officer; Mr Vikram Singh, who is GP Marketing and Kumar,, Investor Relations. This post earning call gives us an opportunity to share insights into our company’s vision, performance and strategic direction and to engage with those who are integered to our growth and success, which is our investors, partners and stakeholders. The 3rd-quarter happens to be a fulfilling one with volume support coming from all the segments of the trading. The volume growth quarter-on-quarter basis has been 29% totaling to 19.24 million units and for the nine-month period ending December ’24, it grew by 12% to INR63.74 billion. With a 23% growth in trading income to INR60.89 crores. The total operational income, including consultancy business was INR182.12 crore for the 3rd-quarter. The paid-for the 3rd-quarter was INR110.59 crore, adding INR3.73 crores to standalone EPS of the company. On supply of power to Bangladesh, we continue to supply power to the Bangladesh Power Development Board and our receivables are well within the manageable lines and as per the contractual structures. Our commercial and operationals team are integral traction with the officials for small supply of energy and receipt of our deals. The definitive agreement for the sale of PTC Energy Limited with ONGC Green Limited was signed on 30th September ’24 and our team is in the process of completing the commission recedent for the transition. We expect this to close very shortly and the timeline for completion of the transaction has been extended to, February ’25 unmutual agreement. The business outlook, I expect power demand to remain firm and grow at 6% to 8% per annum. The demand can further rise in summer due to expected and coupled with adverse weather conditions. The government focus on renewable energy, drop guidelines to include many more traders, battery energy storage systems, storage systems, less, etc is expected to lead the supply basket in coming years. The Government of India and we says the requirement of 74 gigawatt capacity in solutions has better integration of renewable energy into the grid. The weather notification and guidance for PSP-based plants will facilitate the adoption of energy from the sourcing in organized manner. We take pleasure in informing all of you that all the qualifications either in the accounts are in consolidated accounts of PTC Group have been by our auditors due to our remedy elections. Our Board has also approved the policies which were required for compliance under the business responsibility and Sustainability reporting. The same shall be uploaded on our website very soon. Now I will request our DD CFO, Mr to give the financial highlights of the company for the quarter. Post this, we will have question-and-answer session. Once again, thank you very much for your continued support of the company and thank you very much for joining the call.
Pankaj Goel — Executive Director and Chief Financial Officer
Thank you, SMB, sir. Good evening to all of you. So as CMD has informed that there is a good news that all the qualification at the group level, which we have during the last quarters, so that has been dropped by the and now we have a total team results basically at a group level. So now I’ll go through the financial results for the quarter ended and nine months ended December ’24.
So first, I will go through the quarter ended results for December ’24 quarter. So volume has increased by 29% to 19.2 billion units from 14.9 billion units. The volume has mainly increased due to a higher short-term rate. The total operational income has increased by 66% to INR182 crore from INR109 crores. The operational income has increased mainly due to higher surcharge income and volume trading. Profit before-tax has increased by 74% to INR148 crores from INR85 crores.PAT has also moved in the same direction, increased by 76% to INR11 crore from INR63 crores. The total comprehensive income stood at INR11 crore compared to a loss of INR4 crores.
So in the last quarter, the December ’23 quarter, there was a total comprehensive income on the dollars because as you are aware that last year, there was damage to project due to flesh flood in out of a cloud trust. The company took a reduction of INR67.49 crore in the carrying value of investment and 6 are limited in the corresponding quarter ended December ’23. So the earnings per share for the quarter stood at INR3.74 as compared to INR2.12 in the corresponding quarter.
Now I’ll go through the nine months ended results on a standalone basis, volume has increased by 12% to 63.7 million units from 56.8 million units. Total operational income has increased by 34% to INR567 crore from INR422 crores. Profit before-tax has increased by 21% to INR448 crore from INR371 crores as earlier mentioned, PBT has increased due to higher-volume and the higher surcharge income. Profit-after-tax has increased by 17% to INR33 crore from INR286 crore.
Total other comprehensive income has increased by 53% to INR334 crores from INR218 crore. Earning per share for the nine months ended stood at INR11.26 as compared to INR9.66 in the corresponding quarter. Now I’ll go through the consolidated results for the quarter and nine months ended December 24. The — for the quarter volume has increased by 29% to 19.3 billion unit from 15 million unit. Profit before-tax has increased by 72% to INR226 crores from INR131 crores. Increase in consolidated PBT is on account of that higher profit before-tax of PTC and of PTC Financial Services also.
And secondly, last — in the last quarter, we have also informed that now because the PTC energy assets has been held-for-sale as per accounting. So we — in the consolidating accounts, we don’t have to charge the depreciation. So because of non-charging of depreciation on, the same as classified as held-for-sale and depreciation has been added back into the profit before-tax. So profit-after-tax has increased by 87% to INR181 crore from INR97 crore. Total other comprehensive net income has increased by 572% to INR181 crore from INR29 crore. Earning per share for the quarter stood at INR5.32 as compared to 2.68.
I’ll go through the Nine-Month ended consolidated results, volume has increased by 12% to million units from 57.3 million units. Profit before-tax has increased by 31% to INR778 crores from INR594 crore. Profit-after-tax has also increased in the same direction by 37% to INR604 crores from INR442 crore. Total other comprehensive income has increased by 62% to INR604 crores from INR373 crore. Earnings per share for the nine months ended stood at INR18.54 in comparison to INR13.2 in the corresponding quarter December ’23. Thank you very much.
Operator
Thank you very much, sir. Sir, I would request you to reduce the muffleness of your speaker and kindly reduce the volume a little bit so that the muffleness reduces. Thank you.
Questions and Answers:
Operator
We will now begin the question-and-answer session. To ask a question, click on the Q&A tab on the panel and click on raise hand button. You can also type-in your text questions. The operator will announce your name when it is your turn to ask a question. Please accept the prompt on your screen and unmute your microphone while proceeding with your question. We will wait for a moment while the question queue. The first question is from Narendra from Dobo Capital. Please go-ahead.
Narendra Khuthia
Hi, am I audible?
Operator
Yes, you are. Please proceed.
Narendra Khuthia
Yeah, thanks for the opportunity. Sir, my question is regarding HPX, right? So it’s been about almost two years since the letter regarding market coupling was released. So where are we on that front? Could you throw some light on when can we expect market coupling to happen and what kind of discussions are going on?
Manoj Kumar Jhawar
Regarding market coupling, basically it is a car for the regulators and the government to take. We have been advocating for this. We have been having regular SARDA meetings with the concerned officials. The pilot has been completed by the CEA. Now those results are under discussion at various levels. We will keep on advocating for this coupling based on the sound technical logic as well as the commercial logic, but we cannot really prescribe the timeline for the same.
Narendra Khuthia
Okay. Okay. All right, sir. And what — what was the revenue and PBT for HPX for the nine months as well as Q3 FY ’25.
Pankaj Goel
Yeah. So for December ’24 quarter, the revenue from operation from HPX as a whole was INR6.23 crores and profit before-tax was INR1.36 crore and profit-after-tax was INR1.28 crores. And for nine months ended — for nine months ended the The total revenue was INR30.27 crore and the profit before-tax was INR10.12 crore, profit-after-tax was 8.3 crore.
Narendra Khuthia
Okay, okay, sir. So — and if the market coupling until and unless the market coupling doesn’t happen, so our numbers in the HPX business would remain around about at the same levels, right?
Manoj Kumar Jhawar
Actually, I mean, in a sense, we are really constrained by the fact that in the absence of market coupling, all the volumes in the collective segments are likely to remain engaged with the leading acces only and that is the global experience. So yes, that is one of the reasons we are pushing our case for market coupling and allowing more players to be in the exchange segment so that basically it may lead to better meta services through more competition.
Narendra Khuthia
Okay, sir. Thank you so much and all the best.
Operator
Thank you. A reminder to all the participants that you may please click on the Q&A tab on the panel and click on the raise hand button. We’ll take the text question from Vijay Kumar from Amendis Spark. And the question is
Bharanidhar Vijayakumar
What is the margin per unit in nine months FY ’25 separately in short-term trades, medium-term and long-term trades. What are these margins for nine months FY ’24?
Pankaj Goel
Yeah. So for short-term trade for quarter December, our margin was 0.75 pesa per unit in comparison to 2.7 per medium-term trade, it is 2.15 pesa per unit. In long-term trade, it is 7.7 pesa per unit. And for nine months ended, the short-term trade margin was 0.84 pesa per unit. For medium-term, it is 2.06 pesa per unit. And for long-term rate, it is around 7.5 pesa per unit.
Operator
Thank you, sir. We’ll take the next question from Gupi Krishan, a private investor. Please go-ahead.
Unidentified Participant
Can you hear me?
Operator
Yes, sir, you’re audible.
Unidentified Participant
Okay. Thank you for the opportunity and congratulations for the very good numbers. I want to ask you one question. What is the difference between surcharge and the rebate in the presentation? Because surcharge is more and rebate is less and how much this surcharge can go?
Manoj Kumar Jhawar
You see actually you have to understand the spectrum of a power trading contract it is like this that if there is a client who has got certain obligation to make certain payment by certain debt and then if he is preceding payment before he is making a payment before the due date, then he is entitled to receive rebate. And if he is making a payment after that due date, then he is liable to pay the surcharge.
Now what that — what applies to a customer also applies to us. So as a trader, we are in the middle of this section where on the one-side, there is a buyer and on the other side, there is a sell-up. So with the help of our treasury, we take advantages of the situation wherein we can make some earnings through the surcharge at the same time also make some earnings through the rebate. But this situation remains very, very fluid and dynamic with liquidity position of our plan client comes heavily dependent on them.
So it cannot really be predicted, but this is a offering to our clients that we can — you are facing some short-term liquidity issues, so we can pitch in on your behalf and take a later debt in the set-up the contact with us. So in the process we that.
Unidentified Participant
Okay. Sir, second question I want to ask you, what about the long-term contracts? How do you think that you will be able to secure more long-term contracts because the margins in long-term contracts are much higher? And do you buy power from Bhutan because Bhutan is having a lot of hydroelectric power will they have excess and they export to India.
Manoj Kumar Jhawar
Two things. Number-one for the domestic sector currently traders are not allowed to participate in any long-term trade. So it has to be basically a direct transaction between buyer and seller. So that is by design of law, that is by design of the guidance of the central government. So on the domestic sector, it is unlikely that unless and until this policy environment changed, we will be able to gather more long-term context.
To your second question, yes, we are aware of the possibilities of sale of power to Bhutan and we do provide them power as per the requirement that we have necessary approvals and infrastructure.
Unidentified Participant
Okay. So the third question I want to ask you, your share prices have gone below book-value. Do you — do you have any plans to go for a buyback of shares if you receive the money from ONGC or you can recommend to the Board my suggestion? Of course, you cannot take addition right now.
Manoj Kumar Jhawar
Yeah, you have taken — your suggestion is duly noted. Of course, whenever we receive this money from PA deal to no options will be projected before the Board and as per the enough, the Board further action be taken.
Unidentified Participant
Okay. Thank you, sir.
Operator
Thank you. The next question is from Suyash from Well Guardian. Please go-ahead.
Suyash Bhave
Yeah, thanks for the opportunity. Am I audible?
Operator
Yes, sir, please proceed.
Suyash Bhave
Yeah. So I have a question on the ONGC deal. Would it be possible to disclose the reasons for the and the reasons why the deal is not yet have been gone through?
Rajiv Malhotra
Particularly, as per the context, there were not many common precidents which were required to be fulfilled. And this is a process in which I think we have to move step-by-step, a lot of legal work is required to be done, a lot of administrative work is required to be done. But I assure that currently there are more roadblocks and we are expecting this deal to be closed very early. I again give me that the timeline for completion of this deal has been extended till 28th February that in this month with mutual constraint. We are expecting to complete in the — within this time?
Suyash Bhave
All right. Sir, in one of the previous calls, we had talked about some receivables situation with respect to the state of J&K. Has that resolved? Any status update on that?
Pankaj Goel
Yeah, that has significantly resolved. We — and currently it is very, very well within the manageable limits. Earlier the dues had increased to as I guess around INR1,200 crore rupees possibly more than that. But currently the situation in respect of state of J&K is very, very manageable. It is currently less than INR700 crores. So that is normal.
Suyash Bhave
So regarding Bangladesh, can Bangladesh — yeah, please ask the question. Yeah. Regarding Bangladesh, can you give some maybe similar numbers as in the amounts outstanding and what kind of money are we receiving and yeah, numbers around that.
Pankaj Goel
Yeah, yeah. So as far as Bangladesh is concerned, the last quarter, our outstanding was around INR859 crores. But at the end of this quarter, our outstanding was only INR693 crores, so there is around INR200 crore of it on the resour side.
Suyash Bhave
Okay. Okay. Sir, one last question I have. It is regarding and our stake in the start. Would we be required to contribute any money towards its repairs or reconstruction and how do you see that panning out?
Pankaj Goel
And number-one, no, we do not intend to invest any more funds into that project that is acting up? And number two, I mean revival of that project depends on a lot of things, a lot of cleverances would be require many engineering and design elected issues would be required. Those issues have to be taken care of by the developer who is in control of you.
Suyash Bhave
All right. Thank you.
Operator
Thank you. The next question is from Vipul Kumar Shah from Sumangal Investments. Please go-ahead.
Vipulkumar Shah
Hi am I audible, sir?
Operator
Yes,
Vipulkumar Shah
Yes, so my question is our dues to Bangladesh covered by any sovereign guarantee from Bangladesh government?
Pankaj Goel
Yes, sir.
Vipulkumar Shah
Okay. And second question regarding core margin, so why the margin has come down substantially for three months and nine months
Pankaj Goel
Margins are actually generally in-line with what we have been having, but the entire business volume, as I told Earlier, since there are no new long-term trading opportunities are arising because of regulatory affairs. So Martin, we are trying to earn more-and-more margin from short-term and medium-term freights. Obviously, the short-term and medium-term freights can be a lower-margin. So overall, while we increase the volumes, there is a pressure on the margins.
Vipulkumar Shah
And where are we in the journey to divest PTC financials?
Pankaj Goel
Right now, the — earlier this matter was taken-up and considered by the Board of PTC and this process was only restarted but later on put on-hold. So once we complete this PEAD, maybe that question will again be considered by the Board. But right now as I told you, it was put on-hold.
Vipulkumar Shah
So right now, we are not — we have no plans to divest PTC Financials.
Pankaj Goel
As of now, no, but yeah, once we conclude this PEL deal, this question will again be taken-up.
Vipulkumar Shah
Okay. And sir, lastly, regarding the power exchang means you were talking about coupling. So how that coupling mechanism works, if you can explain briefly and how it will advantage it will advantage around
Rajiv Malhotra
So what I would say suggest is that there is a staff paper by CERC on the market coupling. So maybe if you can provide your email address, my staff will be able to send you that staff paper and that will explain in detail as to what is excess to be achieved by market coupling and how this should be done. If you have any further queries in that regard, we can provide you more inputs than your questions.
Vipulkumar Shah
Okay, thank you.
Operator
Thank you. The next question is from Rahul Khe from Florine Pre.
Rahul K
What is the reason for a high-net surcharge income book this quarter? Also, what is the situation at currently and when can we expect ramp-up in generation?
Manoj Kumar Jhawar
Regarding, I think I have just answered that question in response to another query. And regarding Santa, as I told you that the raising income, surcharge income and rebate income. All these three things basically are derived on the basis of cash funds available with PTC. Sometimes if you do not have any opportunity to all our surcharge, you would want to pass your funds in treasury. Sometimes when you have opportunities to the surcharge, you would want to avail those opportunities, are many opportunities to earn rebate, then you will again want to cash-in on those opportunities.
So it is difficult to — I mean, predict in any manner as to which income in which quarter will go up. But collectively, this is a trend we are likely to earn total sum of treasury income plus income plus surcharge income like this.
Operator
Thank you, sir. The next text question is from Paresh Sanghani from Joshua Investments and his questions are as follows.
Paresh Sanghani
What is the leading to higher surcharge income? What is leading to higher volumes? Are we included to trade-in renewables? And if yes, what was its contribution in last quarter, I request you to please consider a liberal dividend from Energy divestment.
Manoj Kumar Jhawar
Hello. So number-one, again, regarding, we have already answered regarding your suggestion for higher dividend, it is duly noted, but again, this matter will be considered by the Board. And regarding green trading, yes, we do a lot of grid trading also and for that on the exchange, there is a separate segment itself, which is car green market, green mine market besides that also from renewable energy sources I can do very, very little available for trading in the merchant market all those contracts generally there is a debt to be between buyer and the seller but as and when any opportunity for trading in the green and renewables sources arises we do entertain those opportunities
Operator
Thank you, sir. The next text question is from Amit Kumar from Invest and he says,
Unidentified Participant
Thank you, team. What is the recoverability potential of surcharges earned by the company this year? I’m new to the power sector, but given our experience in gas sector, these generally go into litigation and are not resolved for many years. How many of these surcharges remain as recoverable presently?
Manoj Kumar Jhawar
There are two components to this. One must understand the power markets. In the power market, the medium-term and the long-term dues are always guaranteed by the proxy portal. So received including surcharge is not a challenge unless and until there is some underlying indication. But that litigation can happen in any business deal anytime with anyone. So I’m not mentioning it to debt, but half the medium-term and the long-term trades, the surcharge income as well as the trading margin is — there is very-high probability of recoverability because of the mechanism.
Regarding the short-term trades, we do like to keep our exposure within limits as pursued by our risk department and our relationship with our buyers or sellers. So whatever is being shown as a recoverable in our opinion and in our opinion is.
Operator
Thank you, sir. Before we go-ahead with the next question, a reminder to all the participants that you may please click on the Q&A tab on the panel and you may also click on the raise hand button. We’ll take the next question from Rajiv Agarwal from Sterling Capital. Please go-ahead.
Rajiv Agrawal
So my question is regarding the system of rebates. So you get you get rebate from the producer or you get rebate from the discount.
Manoj Kumar Jhawar
We get — rebate from the provisions are making early payment.
Rajiv Agrawal
Okay. So from call you only receive the surcharge, right?
Manoj Kumar Jhawar
No, no. It’s — yeah, from the discount side, we will receive the and from the side we will receive the limits.
Rajiv Agrawal
Okay. Thank you. Thank you.
Operator
Thank you. We’ll take the next text question from Nayak from an individual investor.
Unidentified Participant
And he says in last quarterly con-call, the ONGC deal was supposed to be finalized by-15 December 2024. Let us know the reason for the delay and expected rate by which the deal would be completed.
Manoj Kumar Jhawar
The delays have occurred mainly because a lot of legal work was required to be done and it could not be completed within the expected timeline at that point of time. The current revised timeline for completion of the deal within which we are hoping really to close the deal is forget help.
Operator
Thank you so much. Ladies and gentlemen, to ask a question, please click on the Q&A tab on the panel and click on raise hand button. You may also type-in your text questions. We’ll take the next text question from Shah from Vikram Advisory Services Private Limited I’m sorry, sir, the question has left the queue. We’ll take the next text question from Naveen Goyal from Club Millionaire PMS.
Navin Goyal
And he says, do you expect the surcharge income to continue at the rate seen in last two quarters. Do we expect the dividends payouts to continue at least 50% of profits and a special dividend from the TAI investments?
Manoj Kumar Jhawar
You see this is really a forward-looking statement. I should not be making that comment here thank you so much yeah as I told you earlier the remain income plus income plus income together taken together there is together
Operator
Thank you sir. The next question is from Nisha Shah an individual investor and she says
Unidentified Participant
NHPC Adani and many more to plan by PTC India, we think of it. That’s the question.
Manoj Kumar Jhawar
I’m sorry, I could not get the question. Can you repeat please.
Unidentified Participant
Sir, she said NHPC Adani and many more to plan by PTC India, we think of it. Are you planning to buy?
Manoj Kumar Jhawar
Actually, I cannot comment on the like corporate plans of other people. And if they want to buy the equity, there are only two sources, which is either market or promoters about our promoters also I cannot commission. Our free equity, they buy as per their business plan, it is their car.
Operator
Thank you, sir. We’ll take the next question from Vikram Shah from Vikram Securities. Please go-ahead.
Vikram Shah
Namaste sir thank you for such a wonderful Result. My question was obviously, I joined in a bit late, sorry, so I couldn’t for some reason join in. Obviously, the first question is about the ONGC monies. Will it happen this financial year because it’s been going on for 3/4 now almost? And the second question is, sir, going-forward, the consulting business, how accretive do you see or where do you see your focus on the consulting business over the next three years.
Manoj Kumar Jhawar
Okay. The first thing regarding disclosure of, I, as I told earlier also, we revised it for completion after deal is 28th. So we are hoping to conclude it by then. Regarding second question about your consulting business, there are a couple of issues I would like to really highlight. Consulting business depends a lot — a lot on many other things also. Just for example, we used to do a lot of consulting for US aid projects. Currently, US aid has put a bar on many things. So consulting depends on those things, but we definitely have plans to grow this sector and in coming quarters we hope we get some good news.
Operator
Thank you sir Vikran has rejoined the queue I’ll just unmute him. Please go-ahead.
Vikram Shah
Yes. Hello, sorry. Again, I lost connection, sir. I’ll see later. And again, sir, regarding the — you know, the promoters, like there’s all these news articles about NHPC and all these people wanting to sell 17%. What is the — what are your comments on that.
Manoj Kumar Jhawar
Actually, we have no official information from our promoters to us as to they wish to sell this equity. Number-one. Number two, it is their own business plan. Why not comment on that then
Vikram Shah
All right. And sir, regarding coupling, there is always a perceived threat to the business because of government allowing coupling. So what is your view on that, sir?
Manoj Kumar Jhawar
And it is not a great for us. It is an opportunity for us. If complete, then our business is expected to grow significantly. Because it will help our exchange. We only have a 20% stake in HPX, right, as opposed to — yeah, 22% is stake we have in HPX, that is a significant stake, that is number-one. But exchange, I think the value of that exchange investment is likely to go off if coupling happens, that depends
Vikram Shah
Right. Thank you.
Operator
Thank you. The next question is from Amitab from SKS Capital. Please go-ahead.
Amitabh Sonthalia
Hello, sir. I wanted to ask about the impairment charges reversal this quarter compared to last quarter, which is the main reason, which has given us the PBT increase year-on-year. And I just wanted to understand what is the broad business trends we are seeing in the next — is in the coming quarters.
Pankaj Goel
So you are asking this impairment for PDC Financial services or India.
Amitabh Sonthalia
The consolidated — I was looking at the consolidated P&L for which you have crores of impairment charges.
Pankaj Goel
Yeah, yeah. So that is why because the results are consolidated with PDC Financial. So this reversal is on account of PDC Financial Services results. Basically, they have earlier made a provision for the — against the IRFS loan towards the unsustainable debt also. So — but in this quarter they have received some money out-of-the provision they have earlier made. So that is because they have to make a reversal of the provision in this quarter
Amitabh Sonthalia
Just some color on the various business segments. I joined the call a bit late. If you can just give us some current trends in the various businesses that we are operating in.
Manoj Kumar Jhawar
Okay. So broadly speaking in the trading sector, I would like to again emphasize that domestic — in domestic markets, long trader is not allowed to participate in the long-term deals. So it has to be a direct deal between buyer and seller. So on the long-term segment, domestically, it is not possible to grow that segment. Regarding medium-term and the short-term, the electricity generation in the country is going — growing at about 7% per in. So likewise, the trading is also increasing in debt proportion, but a lot and lot volume of trading is migrating towards short-term trades. So inherently in the short-term trades, the risk is lower, but so are the margins.
So we have to, I mean, devise strategies and engage with our customers as to how we can customize our offerings so that we can mitigate some effects of the pressure on margin. And at the same time, we grow volume in medium-term in segments. Regarding PFS, of course, the numbers are there, but that is all I can say because that is listed editing itself and those better and should get us to the PFS management. The PLD is happening — is likely to happen in this month itself, 28th team to get like completion. HBF is likely to grow when there is a market coupling, but besides that in other segments where the exchange is currently doing well are market in ABSS market. So till such time the of months, the exchange is basically focusing on those segments
Amitabh Sonthalia
Thanks a lot, sir.
Operator
Thank you. We’ll take the next text question from Karthik Baboo from and Securities.
Karthic Babu
And the question is what is the net-debt level in standalone business?
Pankaj Goel
So as far as the debt is concerned that we don’t take — I mean, no long-term debt is there, only we take the working capital loan from the bank from time-to-time. So as on 31st December, there was a very musical type of was there, so I’ll just tell you. It’s about INR48 crore of month, but our net position was INR516 crores.
Operator
Thank you, sir. The next text question is from Rupesh Sanke from Elara Capital.
Rupesh Sanke
And the question is what is cash-in hand and receivables as of December ’24 also payable amount? Thank you.
Pankaj Goel
Yeah. The net cash-in ahead was around INR516 crore as on the last day of the quarter, December ’24 and the gross cash was around INR564 crore as far as the debt level is concerned. So that was around the — they were asking debtors or debt so that is new.
Operator
Yeah. Thank you, sir. The next — next question is from Vivek, an individual investor. And the question is
Unidentified Participant
With respect to PTC financials, are the audit issues or fees paid to consultant, etc resolved by now?
Manoj Kumar Jhawar
Are the qualifications appearing in the PFS annual account have been dropped by the auditor based on the actions taken by the management? Yes.
Operator
Thank you, sir. The next question is from Paresh Shah, an individual investor.
Unidentified Participant
And the question is when we are getting ONGC money and are you planning to divid for dividend as 25 years?
Manoj Kumar Jhawar
The deal more than again I will repeat is 28 this month, that is when we expect growth in dividend or wave redeployment of this capital in other businesses. Car will be taken by the,
Operator
Sir. The next question is from Vikram Shah from Vikram Securities.
Vikram Shah
And the question is, are we starting the PTC Financial disinvestment anytime this calendar year and are we stating a dividend policy of 50% ballpark?
Manoj Kumar Jhawar
Currently, we already have a dividend policy, which we pay the dividend which is more than 50%. That is our policies is very long period. So that is part number-one. Part number two regarding disinvestment of the. Again, when this deal of PDL is completed, I believe this question is taken apart the consideration on the Board of
Operator
Thank you, sir. The next question is from Krishna Namgo Diri, a retail investor. Please go-ahead.
Unidentified Participant
Good evening, sir. Thank you for the opportunity. And my question is regarding the trade with Bangladesh. And what
Unidentified Participant
What is the status now? Are we getting the money and what is the receivable as of date?
Pankaj Goel
Receivable CMO will tell you what is currently it is controllable and it is now lesser than the peak day. So Bangladesh receivable as on the last day of the quarter is INR693 crore. As against September quarter, it’s INR859 crore. So it has reduced by around INR200 crore in this quarter.
Unidentified Participant
And we are still supplying to Bangladesh?
Pankaj Goel
Yeah, yeah. We are supplying.
Unidentified Participant
Thank you.
Operator
Thank you. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management from PTC India Limited for closing comments. Over to you sir
Manoj Kumar Jhawar
Thank you very much investors for having company. We hope that we remain long-term partners in sustainable growth of this business. Good evening.
Operator
Thank you, members of the management. Ladies and gentlemen, on behalf of PTC India Limited, that concludes today’s session. Thank you for your participation. You may now click on the exit meeting to disconnect. Thank you