Torrent Power net profit grows 88% to Rs 694.54 crore in October-December

Torrent Power Limited on Tuesday posted an 88 per cent growth in its consolidated net profit at Rs 694.54 crore for the December quarter on account of higher income.

The company had clocked a net profit of Rs 369.45 crore in the October-December period of fiscal 2021-22, Torrent Power Ltd said in a regulatory filing. Total income rose to Rs 6,526.44 crore in the December quarter from Rs 3,833.14 crore in the year-ago period.

Its total expenses also soared to Rs 5,549.01 crore, compared to Rs 3,324.02 crore earlier. In a separate statement, the company said its board has approved an interim dividend of Rs 22 per equity share (including Rs 13 per equity share as a special dividend) for FY 2022-23.

”The major reasons for improvement in the total comprehensive income for the quarter on y-o-y basis are 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.

Torrent Power, the Rs 14,258-crore integrated power utility of the Rs 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.

In the distribution segment, it distributes nearly 26 billion units to over 3.94 million customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat, Union Territory of Dadra and Nagar Haveli and Daman and Diu ; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.