Latest News | Torrent Power June-qtr Net Drops 44 Pc to Rs 207 Cr

New Delhi, Aug 6 (PTI) Torrent Power said its consolidated net profit dropped 44 per cent to Rs 207.78 crore in the June quarter, mainly due to a one-off gain in the same period of the previous fiscal.

The consolidated net profit of the firm stood at Rs 373.87 crore in the quarter ended June 30, 2020, it said in a BSE filing.

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Total income rose to Rs 3,135.23 crore in the quarter from Rs 3,041.72 crore in the same period a year ago.

"Total Comprehensive Income (TCI) for the quarter is lower by Rs 159 Crs compared to Q1 of previous year. However, both the quarters were impacted by one-off items.

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"The current quarter has a net one-off charge of Rs 21 Crs and the comparative quarter in the previous year had a net one-off gain of Rs 234 Crs. Adjusted for these, the TCI has increased from Rs 134 crore to Rs 230 crore, i.e. 72 per cent," it said.

In another filing, it said the shareholders have approved a proposal to issue non-convertible debentures on private placement basis of up to Rs 2,000 crores in one or more tranches.

At its annual general meeting on Friday, the shareholders also approved payment of interim dividend of Rs 5.50 and final dividend of Rs 5.50 per equity share for the financial year ended March 31, 2021.

Torrent Power, the Rs 12,173 crore integrated power utility of the Rs 20,500 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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)