Companies

Torrent Power standalone Q2 net jumps 82%

Our Bureau Ahmedabad | Updated on October 28, 2021

Rise attributed to strong electricity demand

Torrent Power Limited on Wednesday posted standalone net profit of ₹356 crore for the quarter ended September 30 against ₹196 crore in the corresponding quarter a year ago, a rise of 82 per cent year-on-year.

Standalone revenues from operations stood at ₹3,448 crore against ₹3,012 crore in the same quarter last year.

On consolidated basis, the company reported a net profit of ₹369 crore, up 83 per cent from ₹202 crore in the same quarter a year ago. Consolidated revenue from operations stood at ₹3,648 crore, up 17 per cent from ₹3,129 crore.

Consolidated EBITDA for the quarter stood at ₹974 crore, up 30 per cent from ₹748 crore.

Lower interest costs

The company attributed the rise to a significant increase in electricity demand, mainly in commercial and industrial customers during the current quarter, a significant reduction in T&D, and a significant reduction in provision for doubtful debts in distribution franchisee business which was severely impacted in Q2 of last year due to Covid-19 pandemic.

Other factors such as an increase in contribution from renewables generation and decrease in interest cost, both due to lower debt and a reduction in interest rates contributed to the growth in income.

Torrent Power shares ended marginally positive at ₹500.05 on the BSE on Wednesday.

Published on October 27, 2021

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