Latest News | Torrent Power Posts Rs 484 Cr Net Profit in Mar Quarter
Get latest articles and stories on Latest News at LatestLY. Torrent Power on Monday reported Rs 483.93 crore consolidated net profit in the March 2023 quarter, mainly on the back of higher revenues.
New Delhi, May 29 (PTI) Torrent Power on Monday reported Rs 483.93 crore consolidated net profit in the March 2023 quarter, mainly on the back of higher revenues.
The company had reported a consolidated net loss of Rs 487.37 crore in the quarter ended March 2022, a BSE filing showed.
Its total income rose to 6,133.70 crore in the quarter from Rs 3,840.59 crore in the year-ago period.
The consolidated net profit in the fiscal 2022-23 rose to Rs 2,164.67 crore from Rs 458.70 crore in the previous fiscal.
Its total income in the fiscal increased to Rs 26,075.97 crore against Rs 14,492.65 crore in 2021-22.
The board has recommended a final dividend of Rs 4 per equity share for 2022-23. This final dividend along with an interim dividend of Rs 22.00 per equity share works out to a total dividend of Rs 26.00 per equity share (including Rs 13.00 per equity share as a special dividend) for the 2022-23.
The final dividend, if declared by the members at the ensuing AGM will be paid to the members, subject to deduction of tax at source on or before September 8, 2023.
The board also approved a proposal to issue non-convertible debentures worth up to Rs 3,000 crore in one or more tranches by way of private placement, subject to the approval of the members in the ensuing annual general meeting (AGM).
The company enjoys a strong balance sheet position with some of the best financial ratios among private players in the power sector with Debt: Equity ratio of 0.92 and a Net Debt to EBITDA ratio of 1.97 as of March 31, 2023, the company said in a separate statement.
Torrent Power Chairman Samir Mehta said, "FY23 has been an eventful year for the Company. During the year, we successfully integrated 5 acquisitions – licensed distribution businesses of Daman & Diu and Dadra Nagar Haveli, wind power plants of 156 MW and solar power plants of 125 MW. The company incurred a capex of Rs 2,938 crore during the year".
The company also successfully navigated through the volatility in LNG prices on account of the Russia–Ukraine war, he said.
Given the company's strong balance sheet and unique positioning as an integrated power utility, it is well poised to pursue growth opportunities across the entire power value chain, he noted.
Torrent Power, the Rs 25,694 crore integrated power utility of the Rs 37,000 crore Torrent Group, is one of the largest companies in the country's power sector with a presence across the entire power value chain – generation, transmission and distribution.
The company distributes nearly 28 billion units to over 4.03 million customers in Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat, Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD); Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.
(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)