The Hindu Business Line : Torrent Power posts Rs 179-cr net, to pay 12%

Torrent Power Ltd, the umbrella company of the newly amalgamated generation, transmission and distribution businesses of the Torrent Group, has announced its maiden financial results for the 18 months ended September 30, 2006. It has registered a profit after tax of Rs 179 crore and declared a dividend of 12 per cent per share.

This is the first audited results for Torrent Power Ltd after the merger of Torrent Power AEC Ltd (TPAL), Torrent Power SEC Ltd (TPSL) and Torrent Power Generation Ltd (TPGL) with Torrent Power Ltd. The company had been granted extension of its current accounting year by six months and hence, the financial results are for a period of 18 months from April 1, 2005 to September 30, 2006. The results have been declared after giving effect to the composite scheme of arrangement including amalgamation between TPAL, TPSL and TPGL with Torrent Power Ltd, the company said in a release here.

The net sales from combined operations in generation, transmission and distribution for the period stood at Rs 3,783.10 crore and the total income was Rs 3,939.50 crore. The company distributed 10,110 MUs in 2005-06 showing a healthy growth of 12.84 per cent compared to 2004-05. This is despite the recent floods in Surat which affected the company's bottomline due to complete submergence of transformers and sub-stations and temporary breakdown of the power network.

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Torrent Power posts Rs 179-cr net, to pay 12%