PTC India Financial Services Research Report By Anand Rathi

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January 30, 2015 at 9:41 pm #1686

Vidhi Khanna
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Strong loan growth, higher sanctions. With its loan book up 75.4% yoy (6% qoq) to `58.8bn, PTC India Financial Services is on track to maintain its growth momentum. Strong growth continued in the renewables (up 71% yoy) and “others” categories (up 261% qoq). The share of thermal has gone down 1,073bps yoy to 30.2%. This is the result of a conscious strategy to focus on shorter-gestation projects. Outstanding sanctions grew only 19% yoy (up 18% qoq) due to fresh sanctions in the renewables and “others” segments. We expect a 38% CAGR in loans over FY14-17, driven by the financial service company’s niche position in energy.

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