ICICIdirect has recommended `Buy` on PTC India with a price target of Rs 68 as against the current market price (CMP) of Rs 55 in its report dated June 01, 2012.

PTC India reported a volume decline of 16% YoY, which was below our expectations of 13% YoY growth. Hence, the volumes traded in Q4FY12 stood at 4.4 billion units (BUs) (I-direct estimate: 5.9 BUs).

Muted volume growth in Q4FY12 led to a flattish volume growth performance in FY12 at 24.3 BUs.

Calculated trading margins for the quarter stood at 8.7 paisa owing to recovery of surcharge from Bihar and Jharkhand SEBs to the tune of Rs 150 million. Otherwise, normalized trading margins came in at 4.7 paisa for Q4FY12.

We have revised our target price to Rs 68 per share (from Rs 62 earlier).

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