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City-based Torrent Power Ltd reported a 100 per cent jump in consolidated net profit for the first quarter ended June 30, 2015, at Rs 174 crore up from Rs 87 crore in the corresponding quarter a year ago.
The company's consolidated income from operations stood at Rs 3,003 crore for the quarter against Rs 2,563 crore in the same period last year, showing a growth of 17 per cent on a year-on-year basis. The company's EBITDA stood at Rs 823 crore, up 70 per cent from Rs 485 crore, the company said in a statement issued on Tuesday.
The company attributed the growth to the recovery of partial fixed costs of its two power plants, DGEN and UNOSUGEN Power Plants, due to the availability of gas under the ‘Scheme for Utilisation of Gas Based Power Generation Capacity’ issued by the Ministry of Power. Also, recovery of part arrears of unrecovered FPPPA for FY 2014-15 and depreciation & interest cost pertaining to DGEN Plant fuelled growth in earnings.
Torrent Power shares surged by over 4 per cent on the Bombay Stock Exchange (BSE) at Rs 171 in early trades on Wednesday.
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