Torrent Power Q3 net profit rises 88% to ₹694.54 cr; declares dividend of Rs22 per share
1 min read . Updated: 14 Feb 2023, 08:18 PM IST
Premium- In the December quarter, total revenue from operations stood at ₹6,442.8 crore during the period under review, up 71% against ₹3,767.4 crore in the corresponding period of the preceding fiscal
NEW DELHI : Torrent Power Ltd on Tuesday reported a 88% year-on-year (YoY) rise in net profit at ₹694.54 crore for the third quarter that ended December 31, 2022.
In the corresponding quarter last year, the company posted a net profit of ₹369.45 crore.
In the December quarter, total revenue from operations stood at ₹6,442.8 crore during the period under review, up 71% against ₹3,767.4 crore in the corresponding period of the preceding fiscal.
“The major reasons for the improvement in the total comprehensive income for the quarter on a y-o-y basis are an increase in contribution from existing licensed distribution businesses due to improved performance and contribution from the operations in Dadra and Nagar Haveli and Daman and Diu which has been taken over from April 1, 2022 and increase in contribution from franchised distribution business due to reduction in T&D losses on account of continuous and sustained focus on Loss reduction activities," it said.
In a separate statement, the company said its board has approved an interim dividend of ₹22 per equity share (including ₹13 per equity share as a special dividend) for FY 2022-23.
Torrent Power, the ₹14,258-crore integrated power utility of the ₹23,500-crore Torrent Group, is one of the largest companies in the country’s power sector with presence across the entire power value chain -- generation, transmission and distribution.
The company has an aggregate installed generation capacity of 4,160 MW comprising 2,730 MW of gas-based capacity, 1,068 MW of renewable capacity, and 362 MW of coal-based capacity.
Further, renewable projects of 736 MW are under development, for which LOAs have been received and PPA has been executed for 428 MW. Total generation capacity, including under-development capacity, will be 4,896 MW with a renewable capacity of 1,804 MW.
