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.