Shares of Torrent Power gained 2.28% percent at open on November 10, a day after the the power utility company company posted a nearly 9.2 percent year-on-year increase in net profit for Q2FY24. At 9:20 am, the stock was trading at Rs 777.40. The results were announced post market hours. At close on November 9, Torrent Power was trading at Rs 751.70.
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For Q2FY24, Torrent Power recorded a 9.2 percent YoY increase in net profit to Rs 526 crore for Q1FY2024. The company's revenue from operations also increased 3.8 percent to Rs 6,960.9 crore for the same period. The EBITDA for Q2FY24 grew 4.9 percent to Rs 1,221.4 crore for the quarter ending September 2023, from Rs 1,164.2 crore in the year-ago fiscal.
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Analysts at Morgan Stanley have given the stock an underweight call with a target price of Rs 570 per share. According to the brokerage, revenue was 4 percent lower than their estimates while EBITDA and adjusted PAT were 8 percent and 12 percent, respectively, above their estimates.
Torrent Power is an integrated power utility company dealing in generation, transmission, and distribution of power.
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