Torrent Power net up 6% to Rs 532 crore in June quarter

Torrent Power on Thursday posted over six per cent year-on-year rise in consolidated net profit at Rs 532.28 crore in the June quarter, mainly on the back of higher revenues. The company had reported a consolidated net profit of Rs 502.01 crore a year ago, a regulatory filing said. T

The total income of the company rose to Rs 7,413.32 crore in the quarter under review, from Rs 6,618.62 crore in the same period a year ago. The board also approved a scheme of arrangement on August 10, 2023, between Torrent Power Ltd and Torrent Green Energy Private Ltd (TGEL), a wholly-owned subsidiary of the company on a going concern basis by way of a slump sale with an appointed date of April 1, 2024.

Upon the scheme becoming effective, a cash consideration of Rs 1,056.97 crore will be paid in one or more tranches, with or without interest within a period of six months from the effective date, subject to the book value adjustments as provided in the scheme, the filing said. The scheme does not involve mergers or amalgamations. It involves the transfer of Renewable Power Undertaking from TPL to TGEL as a going concern, on a slump sale basis, it said.

For FY 2022-23, the Renewable Power Undertaking contributed Rs 338.06 crore (1.79 per cent of the total income) to the company’s total revenue from operations. As on June 30, 2023, the Renewable Power Undertaking’s net worth was Rs 1,056.97 crore. As on June 30, 2023, the Renewable Power Undertaking’s net worth was Rs 1,056.97 crore.