Companies

Torrent Power posts standalone Q4 net loss of ₹222 crore

Our Bureau Ahmedabad | Updated on May 18, 2020

Torrent Power Ltd on Monday announced standalone net loss of ₹222 crore for the fourth quarter ended March 2020, as against the net profit of ₹27 crore in the corresponding quarter last year.

Company has registered standalone revenues of ₹2,931 crore for the quarter under review, as against ₹2,839 crore in the same quarter last year.

Torrent Power has attributed the quarterly loss to one-off impairment assessment of 1,200-MW DGEN Mega Power Project located at Dahej in South Gujarat. “Based on such assessment, the company has provided for impairment loss of ₹1,000 crore, which has been disclosed as an ‘Exceptional item’ in the standalone financial results,” a note on results said.

Company posted standalone net profit for 2019-20 at ₹1,209 crore as against ₹889 crore in the previous year. Total standalone revenue from operations stood at ₹13,442 crore as against ₹12,978 crore.

On consolidated basis, its net loss for the fourth quarter ended March 2020, stood at ₹274 crore, as against ₹25 crore in the same quarter last year. Consolidated revenue from operations stood at ₹2,983 crore for the quarter as against ₹2,925 crore in the corresponding quarter last year.

Full year profit

Consolidated profit for the fiscal 2019-20 stood at ₹1,179 crore as against ₹904 crore in the previous year. Company’s consolidated revenue from operations stood at ₹13,641 crore, as against ₹13,151 crore in the previous year.

Company stated that “The board has not considered any further dividend for fiscal 2019-20. The interim dividend of around ₹11.60 (including ₹5 as special dividend) declared by the board at its meeting held on February 12shall be considered as final dividend for fiscal 2020.”

Torrent Power shares ended lower at ₹296 down by 2.82 per cent on NSE Monday.

Published on May 18, 2020

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