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Ladies and gentlemen, good day, and welcome to the investor call of PTC India Limited Q3 FY '23 Earnings Conference Call. The management team of PTC India is led by Dr. Rajib Kumar Mishra, CMD PTC. Dr. Mishra is accompanied by Mr. Harish Saran, Executive Director, PTC; Mr. Pankaj Goel, CFO; PTC; and Mr. Sushant Chaturvedi, Head, PO and IR at PTC India. [Operator Instructions]
Please note that this conference is being recorded. I now hand the conference over to Dr. Rajib Kumar Mishra, CMD, PTC India to make an opening statement. Thank you, and over to you, sir.
Thank you, Tanvi. Good afternoon, friends, and welcome to the earnings call for quarter 3 of the financial year 2023. The earnings presentation, as you all know, was uploaded on the stock exchanges. Hope you all had a chance to have a quick glance of the same. I will now take you through the key highlights for the quarter in the next 10 to 15 minutes. And then we will go for the question-and-answer session. But before that, I would like to give you the glimpse of the larger ecosystem on which we are operating. The sector in the last 9 months and particularly in the last 3 months, which we are -- we will be discussing today, has seen an economic recovery. And there was the geopolitical conflict, which is going on in the western part of the world. And that has impacted the commodity prices, especially the fuel prices and the imported coal. The expected GDP growth would continue to be more than 6% for the Indian economy, and so will be the requirement of power in near future. We have seen the peak demand trends to be above during this period, during December '22 quarter, witnessed a peak demand of around 200 gigawatts in comparison to around [ 175 ] gigawatt in the previous year. This year, there is official forecast of peak demand in the summer to the extent of 235 gigawatt, which is much higher comparable to 200 gigawatt achieved last year. So for anyone who is in long power sector, from a seller perspective, has a huge tailwind. And that we have seen in the last couple of months that the power prices in spite of winter months has gone up. And on average, in the exchanges, it was as high as INR 6.88. And in many time blocks, it has touched INR 12 even during the winter months. Now I will briefly cover the performance of the company in the third quarter of FY '23, you would have already noticed that the auditor qualifications present in the PTC India stand-alone Q2 FY '23 have not -- have now been removed. For the bilateral electricity trading segment, which was impacted during H1 FY '23 by heightened volatility in the short-term electricity prices, elevated fuel prices and a rapid increase in the peak demand still continues. However, I'm pleased to say that on a consolidated basis, our net profit has increased to INR 104 crores, which is a 66% increase over the last year. On a stand-alone basis, our net profit for the third quarter has already or largely remained the same at INR 78 crores versus INR 79 crores last year. From the business strategy point of view, I would like to tell you that the company focused more on the core margin than on the volume as because the prices remained high in the exchanges. The per unit coal margin realized during quarter 3 improved to INR 3.09 Paisa per unit compared to INR 2.51 Paisa per unit in Q3, indicating a marked improvement in the operational efficiencies, tighter working capital management as well as a focused strategy to undertake the transactions. Now total traded volume in Q3 was 15.5 billion units. This is primarily due to the ceiling negative carry volumes on the power exchanges and other reasons to explain it a little bit. The company has taken a conscious call that the trading margin has to be more than what is the cost to serve a customer and this has impacted some of the exchange volume, which was a conscious call. Now core margins were up by 58 basis point to INR 3.09, which I have just mentioned, and it is 20% increase compared to the last year. One very important aspect which I would like to cover in my opening statement is -- there are 2 or 3 highlights, which has not been covered in our presentation that the outstanding in some of the states have come down drastically for the company, which is a positive impact for the risk mitigation part of it. One of the state, I would like to mention Jammu Kashmir, where in the March '22, the outstanding was more than INR 1,800 crores has come down to a level of INR 258 crores, which is a drastic reduction in our risk. Second state, which I would like to mention is Bihar where the Outstanding was more than INR 800 crores in the month of March has come down to less than INR 400 crores. Overall, we have reduced almost less than INR 2,300 crores as the current outstanding from the 8 major states. So this is a major achievement. Of course, this has been helped this -- the late payment surcharges, which was introduced in the month of June has helped us to reduce it, but this is a major achievement by the company. To take you to the further details on the accounts and finances of the company in the quarter 3, I would request Sri Pankaj Goel, CFO of the company, to take you through the presentation or the oral presentation.
Thank you, CMD sir. Good evening, everyone. As already been stated that the -- our presentation has already been uploaded on the website. But for the stay, I will go through the figures in a summarized form for the quarter ended and -- for the quarter ended and 9 months ended December '22. First, I'll go through the stand-alone results for the quarter. The volume has decreased by 20% from 215.5 BU from 19.5 BU. The reasons has already been explained by the CMD sir. Total operational income has increased by 2% to INR 143 crores from INR 140 crores. Profit before tax has slightly decreased by 1% or remains flat, I'll say, at INR 105 crores. Profit after tax has already -- also remained flat, and it's stated at INR 79 crores. Total other comprehensive income is also flat at INR 77 crores. Earnings per share stood at 2.63 as compared to 2.68 during the last quarter. And now I'll go through the 9-month figures. Volume has decreased by 23% to 54.2 BU from 70.2 BU. Total operational income has decreased by 14% to INR 401 crore from INR 466 crores. Profit before tax has decreased by 20% to INR 289 crores from INR 361 crores. Profit after tax has also decreased by the same 20% to INR 214 crores from INR 269 crores. Total other comprehensive income has decreased by 20% to INR 214 crores from INR 269 crores. Earnings per share stood at INR 7.24 in comparison to INR 9.08 in the last 9 months ended. Now I'll go through the consolidated results for the quarter. So volume has decreased by 20% to 15.6 BU from 19.5 BU. Profit before tax has increased by 68% to INR 142 crores from INR 84 crores. Profit after tax has also increased by 66% to INR 104 crores from INR 63 crores. Total other comprehensive income has also increased by 66% to INR 104 crores from INR 63 crores. Earning per share for the quarter on a consolidated basis stood at INR 3.1 in comparison to INR 2.04 in the last quarter. I'll go through the 9 months ended for -- on a consolidated basis, volume has decreased by 23% to 54.6 BU from 70.6 BU. Profit before tax has decreased by 4% to INR 509 crores from INR 529 crores. Profit after tax has decreased by 4% to INR 378 crores from INR 395 crores. Total other comprehensive income has decreased by 6% to INR 378 crores from INR 404 crores. Earning per share for 9 months ended on a consolidated basis stood at 11.11 in comparison to 12.09 during the last 9 months ended December 22. Thank you, sir.
So with this, we have given you the presentation of the numbers by CFO. And Tanvi, we can open the question-and-answer session for today.
[Operator Instructions] The first question is from the line of Anshuman Ashit from ICICI Securities.
Sir, my question is on the statement that you had made regarding the conscious decision that you have taken regarding the margins, which has led to a decline in our volumes for the 9 months. Sir, could you please explain it a bit further. Is this for a particular segment? And what are the threshold margins that we have considered while taking this decision?
Yes. Anshuman, this is a business call which the company keeps on taking, but let me tell you, on a price of -- average price of INR 6.88 Paisa, which I mentioned in the exchanges. We have calculated what will be the cost to serve a customer with that kind of prices. Now in such scenario, whatever trading margin, what we get from the clients to serve those clients is being considered on a case-to-case basis, which is done regularly. But during the last 9 months, we have seen the exchange prices abnormally high. And in this segment only, we had taken calls that some of the businesses where we are doing the trading, and we are not getting the sufficient margin to cover the cost of services, we have taken a call that we will not say, sir, till the prices come to normal.
Okay. So this is primarily for a customer who engage in exchange-based trading, sir, what explains the decline in the medium-term and long-term volumes then...
There is a slight decline, 4 billion units -- or they decline and it's 3.8% or virtually almost -- most of it is from exchanges. And some part of the long term and the medium term is because of the nonavailability of coal, and some period when there were some restrictions on 1 or 2 customers to procure power on the exchanges. The nonavailability of the coal was a major reason why on the long term, the schedule was not -- the complete schedule was not given.
Just one more question. Sir, how has been the cross-border volumes for the quarter and for 9 months?
You are asking about the cross-border volume? Yes. So CFO, if you can give the number.
Yes, cross-border volume for this quarter was 1,175 MUs, 1,175.
[Operator Instructions] We have a text question from Saloni Ajmera from Antique Limited. The question is, what is the reduction in total outstanding receivables for the 9M FY '23?
Pankaj you can answer.
Yes. Total deduction for the [indiscernible] was around, for the quarter, it was INR 584 crores in the receivable part. Overall, if you compare in 9 months, is if you have got -- we were telling that on 31st March, it was [ 40 90 ], which has come down to [ 23 40 ] on 31st December. This is the deduction in the gross amount.
Thank you. The next question is from the line of Mohit Kumar from DAM Capital.
First is, sir, on the strategic intent, I think the slide -- you have spoken about 2 or 3 new things for the first time. Can you please explain the traction and the sum and if you can throw some color on that -- on those new things which you're talking about, especially energy portfolio of finance services and where are we right now?
Mohit, you are asking about the portfolio management services or the new initiative which the company...
I'm asking about the energy portfolio management, project management services and sustainability solutions, what is the way forward, where we are and how geared we are to take all these activities? Because I don't think we have done or done a lot of it in a big way in past.
Mohit, let me clarify that the energy portfolio management solutions, we are currently providing to 2, and we have orders from the third state. So we have 3 in total with us. Now we are having one analytical cell and the forecast tool we are procuring from the international software vendor. So major development has taken place during the last 6 to 7 months. And we are very keen to implement these solutions to most of the states in the country. At the same time, let me tell you that at this point of time, everything has sometime to get implemented to develop it and go live. So all these things may take some time. But at the same time, this is a core focus area still with the company.
So the monetization part is not yet clear right now. Is it the right care assumption, understanding.
Mohit, I'm not very clear what exactly you are asking. I mean, if you can just elaborate what you're asking that I'd be able to tell...
Do you have any clarity on the monetization of all these -- all these new activities in a sense how the fees to be charged, how the revenues will come to us. That was the question.
Yes. Mohit, I mean, we have a consultancy wing, which has done very well. I mean, if you see, there is a growth in the consultancy income, the top line as well as the bottom line in the last quarter. But at the same time, what -- specifically the new technology part, which you are asking, we are still in the development phase and we will take couple of more months before we can commercially launch these products in the market, and then we will be in a position to share more details what are the commercials and how we are going to charge it to the customer. But certainly, this is future for any trading business and which is very similar to the international trading, which is done in the developed nations.
Secondly, sir, on the surcharge income and rebate income, given that the delayed payments are charged rules, can we expect the surcharge income to go down as rebate income to go up in the next couple of years? Is that a fair understanding?
Mohit, again, this is a dynamic situation. What we have seen in the late payment surcharge is a particular rule where all the outstanding was consolidated on 1 day, including the surcharge and then the installments were fixed for making the payment. Now we have to assume some of the things if we are saying that surcharge income or rebate income will remain the way it is currently because this is a development which is taking care of the past outstandings. What the current discom scenario need to be reassessed and then we will be in a better position to forecast something. At this point of time, my understanding is, as far as the past is concerned, they are making payment in the installment with surcharge fixed on that particular day. But again, we need to be very hopeful that this kind of scenario will continue in the future where discom doesn't require any kind of support from either center or any of the central institutions.
And thirdly on this status of monetization of PTC Energy and PTC Financial, do you think it's possible over next 12 to 18 months?
Mohit, let me clarify, we have informed to the investors that we have floated an exploration of interest where we have got a very good response. Now we have appointed the transaction adviser, and they will be working for monetization of PTC Energy Limited, and that work is already on. And as far as the PFS is concerned, we are still maintaining that the Board has decided that this is on hold till the appropriate time will come for monetization of the shareholding.
Is it possible to share the receivables, payables and cash at the end of 9 months?
Yes. The receivable at the end of -- just a minute. The [indiscernible] was around INR 6,500 crores. Creditors was around INR 4,300 crores. Net working capital was INR 2,194 crores and we have a surplus cash of around INR 235 crores.
And the debt?
No, it is the net cash. So the gross borrowing was INR 520 crores. So it means the -- we must be adding the cash INR 520 crores plus INR 235 crores. That's around INR 755 crores. INR 755 crores is the cash, and borrowing was INR 520 crores. So net cash is INR 235 crores.
Lastly, on the dividend, sir, how should we think about the dividend when the dividend can get announced?
Mohit, we have always maintained that we have a dividend declaration policy and this we will consider at the appropriate time, and this always is the provocative of the Board -- but we always will maintain that we will go by the dividend declaration policy. And if the company is doing good, I mean certainly, the shareholders should be awarded for that -- rewarded for that.
The next question is from the line of Gaurav Gupta from Invesco Enterprises.
First of all, my apologies if in case I'm repeating question because I just joined late. And if in case some of -- some part of my questions would have been addressed to you on earlier occasion. I'm extremely apologies for that. So my first question is, sir, I have been tracking PTC India from last couple of years. And in recent past, also, I had participated in one -- in a couple of those calls. So one of the major concern that has been observed with PTC India as a company and as well as a group is, there are a lot of corporate governance issues. The first and foremost, let me just highlight it right now that whatever we discussed with the management, either during the investor or analyst call or during the annual general meetings as well. There is, as such, no improvement observed from a management point of view. And more or less, you guys never ever shared that what are the improvements you guys have taken. For example, you just highlighted during the earlier call -- earlier participants response as well that you have floated an expression of interest for sale of PTC Energy. Was that communicated to shareholders via exchanges? Was there any submission to the exchanges by you?
Gaurav, you need to go by whatever we publish in the both the exchanges. And I understand whatever we communicate, most of the major decisions are being published in NSE and BSE. I would be more happy if I get a specific question from you rather than giving a generic kind of an observation on some of the...
Sir, this is a specific question. Let be very, very specific...
No, I mean, that's the reason why I'm replying you that all the major developments in the company whether we are engaging somebody or we are informing or we are conducting a new business or we are [ exploring ] a new tender, all are being informed to the stock exchanges for the benefit of all our investors and shareholders. So you please check which information you are seeking. And if it is not there, I'll ask my investor call -- investor team to bridge that gap, if at all, there is. First of all, most of the information is very clear on that.
Yes. If you allow me to continue, I'm very, very clear on that. On your website, you published on -- I think in mid of December that you have invited expression of interest for stake sale in PTC Energy in the exchange, I'm referring Bombay Stock Exchange. When you are making an announcement, either you are filing, maybe your company secretary can clarify on that. You do not have an option that you can make a release or you can submit to one exchange, but not to another exchange, right? And there is not a liberty at the exchange level, that when they are receiving a communication from one exchange and they do not publish it. There is no as such submission in the Bombay Stock Exchange with respect to your PTC Energy submission. Second part. Second part, maybe you guys are not taking it seriously, but let me ask my second question, then you have a liberty to answer that or ignore that. That is up to you. You are the Board, you are the management. Second question, in the investor summary that you have shared as part of the ninth month result, you have not even bothered to share information about the PTC Energy, 9-month results, where investors will get that information?
Gaurav, I mean, I understand what you are asking. Let me ask the CFO, whether in the consolidated result, you have the information available or not. He will clarify you, and I understand in the consolidated result, you have the information about both the subsidiary company, including PTC Financial Services and PTC Energy Limited. And let me clarify one question which you asked that whenever we give any kind of a reply to the exchanges or we publish any information irrespective of both any kind of information it goes to both the stock exchanges. So we understand in both the stock exchanges. So we publish it in both the exchanges. Now I'll request CFO to please clarify whether the PTC Energy information what we have shared in the presentation or not.
One point, if I may add. Apart from filing to both the exchanges, a press release was also done when the expansion of interest was floated and it received widespread coverage. So you may have missed out reading on the press coverage, but a press release was also done to the same effect.
Pankaj gi, if you can clarify that part.
Yes. As far as the PTC Energy is concerned, that is an unlisted subsidiary. So as per the requirement, there is no requirement of publishing the results of the same. But as part of the consolidated, the results of PTC Energy is there, but naturally, it is not separate the PFS and PEL or PTC, it is combined results which we publish. But for your information, if you want to ask anything about the PTC Energy results, I can reply right now.
Yes, sir, please. If it -- it will be a great favor, if you can share.
Yes, yes, that is what -- that is what. The -- as far as the revenue from operations are concerned for the quarter, it was INR 57 crores for this quarter. And for the last quarter, it was INR 41 crores. The -- as regards to the profit after tax, there was a nominal loss of around INR 8 crores in comparison to a loss of INR 23 crores in the last quarter.
If you can share the 9 months result as well.
Yes, yes, yes. For the 9 months, 9 months -- just a minute, for the 9 months, there is a profit of INR 26 crores as against INR 20 crores during the 9 months ended in December '21. So profit has increased from INR 20 crores to INR 26 crores.
And what is the debt level as of 31st of December 2022 at PTC Energy level?
Can you get this figure and inform Gaurav.
That is around 1,100, but we'll let you know. That is -- I'm not sure about it. We have to -- we will separately tell you.
Is the debt servicing going on regularly because I think there is...
Yes, it is absolutely going regularly.
Okay. Fine, sir, that's all from my side. Just before I conclude, and that will be a relaxation for you guys as well. I just cross-checked with the Bombay Stock Exchange. In the month of December, when you have invited this expression of interest, there is as such, no filing from your side to the Bombay Stock Exchange related to this expression of interest. You can ask your secretary team to check it out. And accordingly, you can update from your side if it is required. Without factual information, it is not our -- as an investor, I were happy to highlight anything. There is anything gap over there. That is why we are coming on this call and highlighting it to you, management. It's your call whether to take it or leave it.
The next question is a text question from Rajesh Shah, individual shareholder. Sir, what is the status of sale of our wind power subsidiary, which [ EOY ] for which closed on 15 January, 2023?
Yes, Shah gi, I'm just informed that we have received a good response on the [ EOI ] and there are multiple interested parties. And we have appointed SBA caps as the transaction adviser, and they will start the process as soon as possible. And any further development, we will be happy to share with our shareholders in the next meeting.
The next question is a text question from Siddharth Shah from Vikram Advisory Services. For PTC India Energy, expression of interest last date was 15 January, 2023. So how was the response been? And what is the update on the same?
I think Mr. Shah I have already replied it and the response is good. We would be sharing more information once we will have updated things after the transaction adviser gives us more piece of information.
The next question is a text question from Bharanidhar Vijayakumar from Spark Capital. The question is, is it a regulatory requirement to bring down PTC stake in HPX to 5%? If so, when do we expect PTC stake in HPX coming down to 5%. Are some of the shareholders of PTC India like NTPC, PGCIL, planning to exit their stakes in PTC India. Why? And what are the timelines?
First question that is regarding our stake in HPX. We have always maintained that what we are doing is as per the regulatory requirements only, and we follow the PMR-21, when we have maintained our shareholding in HPX and there is no further plan which I can share with our shareholders at this point of time. The second question, what we have maintained is we have shared it in the -- our filing with the -- both the stock exchanges that at this point of time, we are not aware of any kind of divestment by promoters. So we maintained the same position right now.
The next question is from the line of Vaibhav Gupta from Bowhead Investment Advisors. The text question is, can we please [indiscernible] receivables beyond 6 months, 1 year and 3 years?
Yes. So as we always say that we look the receivables minus the creditors because there are always back-to-back creditors is also there. But if we take the open position, let's say, debt or minus creditor for that particular state, so more than 6 months, there is only one outstanding. That is -- the total outstanding more than 6 months is around INR 266 crores. Out of this INR 150 crores is with Telangana for which the company has already made a bill discounting and this money is committed. So this will be received at any point of time at the bill discounting date. Further, there is outstanding of -- small outstanding of Bihar, which is INR 83 crores, more than 6 months. And there is 0 outstanding more than 3 years.
[Operator Instructions]
Do we have any more questions?
We have a follow-up question from Vaibhav Gupta from Bowhead Investment Advisors. The question is, can we know the gross receivable beyond 6 months and 1 year?
The gross receivable -- so I always said that there is no point in gross receivable, just for the information, the gross receivable for more than 6 months is around INR 1,200 crores, but there is a back-to-back creditors because there are a lot of payments, which are disputed by these states and generator just raised the bills like compensation, change in law. But we have to always look for open position. So as far as the open position is concerned, for more than 6 months, there is only INR 266 crores. INR 150 crores is with Telangana for which we have already taken a bill discounting, and there is a committed date, so we will receive the money on time, and there is a small outstanding of INR 83 crores from Bihar for more than 6 months. As far as more than 1 year is concerned, there is an outstanding of INR 175 crores. So out of this INR 175 crores, INR 150 crores is with Telangana only. So that is the open position, which I'm telling.
[Operator Instructions] The next question is from the line of Gaurav Gupta from Invesco Enterprises. The question is, will it be possible for management to share how many response has been received against our EOI for PTC Energy stake sale?
Mr. Gupta, you know that this is a process which we run, and this is very confidential as far as the name of the bidders are concerned. And the second thing is how many responses, but certainly, we will be sharing more information once this process comes to a conclusion. And we will share that how many responses were there and how many people showed interest in the second stage and what is the final outcome. All these things right now is in the process, and you must appreciate that the confidentiality is the core for such kind of a transition.
The next question is from Bharanidhar Vijayakumar from Spark Capital. The question is, what is the trading volume growth we can expect in FY '24? Power exchanges have introduced long-duration contracts, how is this impacting our trading volumes?
The first part is a pure forecasting. And at this point of time, let me tell you that we are looking forward to the growth in the Indian market, and we would like to do our best to show that we can cope up the requirement of our customers to meet both the sellers and buyers. The second part, what you are asking is the long duration contract. And PTC has participated in many of it and we have successfully done it also for some of the states and the other utilities. But still, it is not having a major share of the exchange volumes. So this is a new product in the exchange. Let us see that how it takes shape, but we are -- like all other products in the exchange, we do participate, and we do have a leadership position in all such products. So we are hopeful that in this product as well, we will be the leadership, having the leadership position.
We have an audio question from Vaibhav Gupta from Bowhead Investment Advisors.
Sir, can you please share the missing data for Q1 and Q2 like net rebate consulting income and volumes?
Q1, Q2, we have already published our report. Representation also, you will find all those data. But Q1, Q2, we have done the result in the month of December itself. Right now, we have only done the result for Q3, but all these informations are available in the -- we have already filed it with the stock exchange.
Okay, sir. And sir for the last 2 years, we were seeing that Q4 was seasonally better in terms of surcharge. What will be outlook for, -- sir, like in the last 2 years, we have seen that Q4 was better for surcharge income. So like with the new [indiscernible] surcharge, what will be the outlook?
Mr. Gupta, I mean these are some of the things we will cross the bridge when it comes. So at this point of time, we will not give you any answer where we have to complete this entire exercise, and then we will be in a position to reply you better.
Yes. But just for the sake of discussion, so whether you tell us whether we go for a surcharge income or we should go for a collection of the payment on the due date.
Right sir.
You got your answer. So actually this is the financial engineering, which we have done in -- because there was a payment that was delayed from the discoms. But for every company, there is a thing that we should collect the payment on time so that our defaulters is not there, absolutely not there. So that is the thing. And we hope to receive the payments on time from the discoms.
And particularly, if you remember, in all the investor calls we used to get questions on JMK outstanding, the outstanding of Bihar, the outstanding of Tamil Nadu. But I feel that this time, there was no question on this. So we need not reply -- when we say that from INR 1,800 crores in JMK, we have come down to INR 258 crores as outstanding. So this is a balancing between the risk, what you take for the outstanding versus what you gained from the surcharge income. So of course, we are conscious of both the things, and we have to keep a balance of both.
Okay, sir. And just last one from my side. Sir, the accounting policy for recognition of surcharge, it is on cash basis.
So it is on certainty basis. So when we are certain, so then we recognize the surcharge.
Okay. And same for rebate?
No, rebate -- yes, rebate is on actual basis. While we are making the payment, we deduct the rebate from the generator space.
The next question is from Mohit Kumar from DAM Capital. This is a text question. What is the status of TANGEDCO, medium-term bids where we were appointed as aggregator?
TANGEDCO, you are asking, yes. TANGEDCO, we have more than 600 megawatt, what we were supposed to get the things. But during this period, the prices have gone up in the short-term market and exchanges. So the only contract which is operating right now is 150-megawatt contract with Tamil Nadu. Of course, we are in discussion with Tamil Nadu for second tranche of this scheme. And once it will be done, we will be informing you more.
Thank you. The next question is from Bharanidhar Vijayakumar. The question is, can you comment on the Board composition of both PFS and PTC. When will we fill the vacant positions?
Yes, the PFS, the all-board positions are filled. They have a complete Board with 3 independent directors, which are working perfectly fine. For PTC, we have inducted one independent director, which we have filed in the stock exchange. That is Mr. [indiscernible] Chairman. And rest of the things, we have -- we will go by the provision that is within 90 days, we will fill the positions.
We have a voice question from Gaurav Lohiya from Bowhead India.
Sir, this is a follow-up to Vaibhav's question. Sir, you said that while the reverse were released for September and June quarter in December, but there was no presentation. So we do not have net -- this net rebate and electricity income. So would you be kind enough to share the same for the June and second quarter?
Yes. Yes. Presently, I have a figure for September quarter and in June quarter, we will separately email to you. But for September quarter, I will ...
If you can share September and 9 months data, then we'll be able to...
Yes. So September -- yes, September data is -- net rebate was INR 23.78 crores, and net surcharge income for the September quarter was INR 11.83 crores.
Sir, INR 27.8 crores and INR 11.3 crores, right?
Yes. INR 23.78 crores for rebate and surcharge was INR 11.83 crores.
What we will do is if you -- if we have not uploaded it, I'll request my team to upload it so that you can get the information or otherwise, they will email to you directly.
That's really helpful. And sir, one more thing clarification...
Yes. for 9 months ended, I can tell you. The rebate -- net rebate was INR 79.11 crores and for net surcharge was INR 105.18 crores.
INR 105.18 crores, okay. And sir, one more clarification. So if we see last 5 years' history of PTC stand-alone, Q4 generally has been a very strong quarter. And last 2 years, particularly, it's been even stronger -- so that is what we are trying to figure out, generally, is there a seasonality in this business that Q4 is supposed to be a very good quarter, and this seasonality will hold even this year as well as going forward.
No, let me tell you something about the consumption of electricity that the consumption of the electricity goes maximum in the country during the month of summer. And the third quarter is the end of winter and the summer [indiscernible] of the summer months. So as far as the consumption is concerned, it is on a rising trend. But if you ask me about the revenue stream and other things, I would like to wait till we reach to that stage.
The next question is a text question from Shubham Varma, Individual Investor. Any updates on current quarter performance.
I think we have already replied this.
The next is a text question from Gaurav Gupta from Invesco Enterprises. Any definitive timelines for closure of stake sale in PTC Energy?
I just answered it that we have appointed transaction advisers, and they have to undertake the entire process and certainly, we will be in a position to share more details in our next call.
Thank you. As there are no further questions, I would now like to hand the conference over to Mr. Sushant Chaturvedi, Head, PO and IR, for closing comments.
Thank you, Tanvi. Thank you all for having taken out time to participate on this call. I hope most of your questions must have been answered. In case you have any follow-on questions or any of the questions which you feel you want more information, please feel free to write to us, and we'll be very glad to answer any of your queries. Thank you for your time once again, and you have a pleasant evening ahead. Thank you.
Thank you. Thank you, everyone. Ladies and gentlemen, on behalf of PTC India Limited, that concludes today's session. Thank you for joining us, and you may now click on exit button to disconnect.