Shareholders block release of PTC India FY24 results

Shares of PTC India opened in the red this morning after the company said its shareholders have withheld approval for the adoption of audited financial statements for the year ended March 31 at the company's annual general meeting. The company said in an exchange filing that the adoption of accounts was withheld primarily on account of qualifications in the auditors' report.

“The qualifications are confined primarily to legacy governance issues at its subsidiary PTC India Financial Services Ltd.,” it said. The company added that it remains committed to strong corporate governance practices and protecting shareholders' interests and is actively engaging with PTC India Financial Services to address the concerns raised by shareholders.

All other resolutions were approved at the annual general meeting (AGM) held on September 26.

At the same AGM, PTC’s shareholders approved a final dividend of 78% (Rs 7.80 per equity share of Rs 10/- each) for the financial year 2023-24 by an overwhelming majority.

PTC India's consolidated revenue from operations in April-June declined 3.7% on year to Rs 4,517 crore, while profit increased 20.6% on year to Rs 135 crore.

The company’s share has fallen more than 17 per cent since it hit a 7-month high of Rs 242.16 on September 16.