New Delhi, Feb 8 (PTI) Torrent Power on Thursday reported a 46 per cent drop in its consolidated net profit to Rs 374 crore in the December quarter compared to the year-ago period, mainly due to lower revenue .
The company reported a net profit of Rs 695 crore in the third quarter of fiscal 2022-23, according to a company statement.
Revenue from operations stood at Rs 6,366 crore in the December quarter of FY 2023-24, compared to Rs 6,443 crore in the third quarter of FY 2022-23.
Earnings before interest, depreciation and taxes (EBIDTA) for the third quarter of fiscal 2023-24 were lower due to a reduction in net profit from LNG marketing and commercial power sales of Rs 478 crore compared to with the corresponding quarter of last year.
โAdjusted for the previous profit in Q3 FY 2022-23, adjusted earnings before interest, depreciation and tax (EBIDTA) and PAT for Q3 FY 2023-24 were higher by Rs 49 crore and Rs 31 crore respectively as compared to Q3. Fiscal year 2022-23,โ he stated.
The main reasons for the higher adjusted PAT for the year-on-year quarter include an increase in contribution from licensed distribution companies and an increase in contribution from renewable companies due to capacity addition and higher PLF (power load factor). wind plant or capacity utilization.
The other reasons are a decrease in tax expenses and higher depreciation expense.
The board, in its meeting on Thursday, approved an interim dividend for the financial year 2023-24 of Rs 12 per equity share on 48,06,16,784 shares of Rs 10 each.
The dividend will be remitted no later than March 7, 2024 to eligible shareholders. The Registration Date is Friday, February 16, 2024, for these purposes.
The board also acceded to Sudhir Mehta's wish to resign as a director of the company and continue as chairman emeritus (without a board position) effective April 1, 2024.
Torrent Power, the Rs 25,694-crore integrated power company of the Rs 37,600-crore Torrent Group, is one of the largest companies in the country's power sector with presence across the entire power value chain - generation, transmission and distribution.
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