Torrent Power has fared exceedingly well during the fiscal third quarter to December helped by higher power generation amid stable margin.
The power generation company reported a 76% increase in net profit to Rs 420.62 crore in the October-December quarter as compared to a net profit of Rs 238.19 crore a year ago.
Total revenue rose to Rs 3,115.48 crore in the quarter under review as compared to Rs 3,306.83 crore in the year-ago period.
Torrent Power witnessed a slide in revenue as the new Central Electricity Regulatory Commission (CERC) norms continued to impact earnings. It was expected to report a 9% increase in revenue.
However, power generation has picked up at a couple of units because of increased gas availability.
The distribution franchise business continues to experience a lowering of losses. This trend is likely continuing in the near future.
Meanwhile, the company’s board has approved an interim dividend of Rs 11.60 per equity share on 48,06,16,784 equity shares of Rs 10 each for 2019-20.
The consolidated net profit during the April-December period this fiscal rose to Rs 1,452.82 crore from Rs 879.03 crore a year ago. Its profit in 2018-19 was Rs 903.83 crore.
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