By Malvika Gurung
Investing.com -- Stocks of torrent power (NS:) was up 10% at Rs 502.65 apiece as of writing after jumping 10.6% in intraday trading on Wednesday to hit a session high of Rs 505.4 apiece.
Energy stocks were the biggest gainers in the broader market index.
Shares rose after the company posted a strong quarterly earnings result in December, with its consolidated net profit rising 88% to Rs 694.54 crore from Rs 369.45 crore yoy due to higher revenue.
The company's operating income rose 71% yoy to Rs 6,443 crore, and its EBITDA rose 53% yoy to Rs 3,767 crore in the December quarter.
However, the EBITDA margin of the leading electricity company contracted in the analyzed quarter to 22.4% compared to 24.8% in the same period last year.
Thanks to an increase in the contribution from Torrent Power's existing licensed distribution businesses as a result of better performance and contribution from the operations in Dadra and Nagar Haveli and Daman and Diu, its total comprehensive income in the third quarter of the fiscal year 23 showed a year-on-year improvement.
In addition, an increase in contribution from the franchised distribution business, supported by a drop in T&D losses due to continued and sustained focus on loss reduction activities, helped improve the company's revenue in the third quarter of fiscal year 23.
