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Shares of Torrent Power surged 9 per cent to Rs 499 on the BSE in Wednesday’s intra-day trade after the company reported strong earnings for the December quarter (Q3FY23), with consolidated net profit up 88 per cent year-on-year (YoY) at Rs 695 crore on account of higher income. The integrated power utilities company had posted profit of Rs 369 crore in a year ago quarter (Q3FY21).
The board also approved an interim dividend of Rs 22 per equity share, including Rs 13 per equity share as a special dividend.The company fixed Wednesday, February 22, 2023 as record date for the interim dividend purpose.
In Q3FY23, Torrent Power’s revenue from operations rose 71 per cent YoY to Rs 6,443 crore from Rs 3,767 crore in the year-ago period. Ebitda (earnings before interest, taxes, depreciation, and amortization) came in at Rs 1,527 crore, up 53 per cent YoY basis. However, margins stood at 22.40 per cent, down 240 bps YoY during the quarter.
The company said 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.
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 also contributed for improvement in income, it added.
Torrent Power 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.
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First Published: Wed, February 15 2023. 10:00 IST
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