Torrent Power Ltd posted standalone net profit of ₹493 crore for the quarter ended September 2022, up 38 per cent from ₹356 crore clocked in the corresponding quarter a year ago.
The company’s standalone revenues from operations stood at ₹5,017 crore , up 45 per cent from ₹3,448 crore in the same quarter last year. Revenue from operations for the quarter includes sale of RLNG aggregating ₹936 crore.
Total expenses increased 45 per cent from ₹3,040 crore to ₹4,419 crore.
Loss reduction
The company attributed the growth in profits to an “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 and increase in electricity demand.” Also, an improved performance of licensed distribution businesses contributed to better performance.
On a consolidated basis, the company’s net profit stood at ₹484 crore for the quarter against ₹369 crore, a 31 per cent increase year-on-year. Consolidated revenue from operations stood at ₹6,703 crore, up 84 per cent from ₹3,648 crore in the same quarter last year.