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MUMBAI: Shares of Torrent Power surged 9.2% on Friday after the company reported a 35.2% year-on-year rise in consolidated net profit to 373.87 crore for the quarter ended June.

At 0230 pm, Torrent Power shares traded at 340.60, up 4% from previous close, while the benchmark Sensex was down a tad 0.13% to 37,975.31.

Net sales declined to 3,007.05 crore in Q1 from 3736.13 crore in the year-ago period.

Favourable order regarding disputed carrying cost recovery pertaining to earlier years drove the increase in total income. Income also rose due to decrease in interest cost, mainly due to repayment of loans and reduction in interest rates.

Analysts at Angel Broking, commenting on June quarter numbers, said, "...EBIT for the quarter stood at 1,004 crore up by 13% as compared to 888 crore in June quarter as power purchase cost has come down significantly due to lower imported LNG prices. Profit after tax for the quarter stood at 368 crore up by 35% as compared to 274 Crore in June quarter. Lower imported LNG prices are favourable to Torrent, we expect LNG prices to recover in medium term."

Torrent Power is an integrated utility engaged in the business of power generation, transmission and distribution with operations in Gujarat, Maharashtra and Uttar Pradesh. It is also engaged in the business of cables manufacturing with operations in Gujarat.

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