Private power producer Torrent Power Limited reported standalone net profit at ₹198 crore for the quarter ended September 2020, which is about 45 per cent lower than ₹366 crore recorded in the previous quarter ended June 2020.

Standalone revenues from operations stood at ₹3,053 crore for the quarter, as against ₹2,938 crore in the previous quarter.

Company's profits came under pressure following increased expenses during the quarter. Company reported total expenses at ₹2,890 crore for the quarter under review, about 14 per cent higher than ₹2,531 crore in the previous quarter.

On consolidated basis, company's net profit stood at ₹202 crore for the quarter, as against ₹374 crore in the previous quarter. Consolidated revenues from operations for the quarter stood at ₹3,129 crore (₹3,007 crore).

"The spread of Covid-19 pandemic has been impacting the collection from the consumers and consequently provision for doubtful debt has increased mainly in distribution franchisee business as compared to corresponding period of the previous financial year. Electricity demand has increased during the current quarter as compared to preceding quarter," the company said in a statement.

For the six-month period of the current fiscal (April-September 2020), Torrent Power posted standalone net profit at ₹565 crore, which is about 45 per cent down from ₹1,020 crore in the same period last year. Company's revenues from operations during the first half period remained under pressure at ₹5,991 crore, about 20 per cent down from ₹7,463 crore in the corresponding period previous year.

Torrent Power shares gained 1.44 per cent to end at ₹316.50 on BSE.

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