Torrent Power share price jumped 5.8 per cent on the BSE to a new all-time high of Rs 829 on Monday. The gains followed the company's strong earnings performance Thursday after market hours.
With today's gains, the stock is up a whopping 92 per cent from its 52-week low of Rs 431 hit on January 30, 2023. The company's consolidated net profit rose 9 per cent year-on-year (YoY) to 531 crores. in the September quarter.
Revenue from operations rose 4 per cent to Rs 6,961 crore.
EBITDA for Q2FY24 grew 6 per cent to Rs 1,330 crore from Rs 1,258 crore in the year-ago period.
The growth in net profits was due to a higher contribution from commercial power sales in gas-fired power plants, from licensed distribution businesses, a higher contribution from renewable businesses due to capacity addition and a higher PLF wind and a decrease in tax expenses, the company said.
Meanwhile, it also noted an increase in financing costs and depreciation expenses along with a lower net profit from LNG trading, partly offset by a higher contribution from commercial power sales at gas plants.
Torrent Power, an integrated electricity company of the Torrent Group, is one of the largest companies in the country's electricity sector with a presence throughout the energy generation, transmission and distribution value chain.
The company has an aggregate installed generation capacity of 4,287 MW, comprised of 2,730 MW of gas-fired capacity, 1,195 MW of renewable capacity and 362 MW of coal-fired capacity.
In addition, 953 MW of renewable projects are under development. The total generation capacity, including projects in advanced stages of development, is 5,240 MW.
In distribution, Torrent Power distributes nearly 28 billion units to over 4.03 million customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat, Union Territory of Dadra and Nagar Haveli and Daman and Diu, Bhiwandi, Shil, Mumbra. and Kalwa in Maharashtra and Agra in UP.
