Torrent Power shares rose 9% to Rs 499 on the BSE in intraday trading on Wednesday after the company posted strong earnings for the December quarter (Q3FY23), with a consolidated net gain of 88% year-on-year (YoY). ) at Rs 695 crore. The integrated power company posted a profit of Rs 369 crore in the year-ago quarter (Q3FY21).
The board also approved an interim dividend of Rs 22 per share, including a special dividend of Rs 13 per share. The company has set Wednesday, February 22, 2023 as the record date for the interim dividend.
In the third quarter of FY23, Torrent Power's operating income rose 71% year-on-year to Rs 6,443 crore from Rs 3,767 crore in the same period last year. Ebitda was Rs 1,527 million, 53% more than the previous year. However, margins for the quarter were 22.40%, a 240 basis point decline year over year.
The company said the year-on-year increase in total consolidated revenue for the quarter was mainly due to a higher contribution from the existing franchise business due to better business performance and the contribution from Dadra and Nagar Haveli, as well as Daman and Diu, which has taken ended April 1, 2022.
He added that higher contributions from the concessionaire's business also helped boost revenue due to the reduction in transmission and distribution losses due to continued focus on loss mitigation activities.
Torrent Power is one of the largest companies in the country's electricity sector and operates throughout the electricity value chain: generation, transmission and distribution.
The company's total installed capacity of 4,160 MW includes 2,730 MW of natural gas, 1,068 MW of renewable energy and 362 MW of coal. In addition, 736 MW of renewable energy projects are under development.
