Torrent Power posts consolidated net profit of Rs 398 cr in March quarter

Torrent Power on Thursday posted a consolidated net profit of Rs 398.10 crore in the January-March quarter driven by higher revenues.

The company had posted a consolidated net loss of Rs 273.94 crore in the quarter ended on March 31, 2020, a BSE filing said.

Total income of the company rose to Rs 3,116.54 crore in the quarter from Rs 3,020.84 crore in the same period year ago.

Consolidated net profit of the company rose to Rs 1,295.87

crore in 2020-21 from Rs 1,178.88 crore in 2019-20. Total income in 2020-21 decreased to Rs 12,314.47 crore from Rs 13,818.22 crore in 2019-20.

Commenting on results, the company's chairman Samir Mehta said, "Despite the impact of COVID 19 pandemic and significant stress in the power sector, Torrent Power continued to deliver industry leading returns in the private sector on account of the company's strategy to pursue risk-adjusted profitable opportunities, strong execution capabilities and focus on operational excellence.

"With our strong balance sheet, the company will continue to pursue profitable growth opportunities across the entire value chain of the power sector."

The board in its meeting on Thursday also recommended a final dividend of Rs 5.50 per equity share of Rs 10 each. 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 3, 2021.

This final dividend along with interim dividend of Rs 5.50 per equity share works out to a total dividend of Rs 11.00 per equity share for 2020-21.

The board also approved a proposal for issuance of non-convertible debentures up to Rs 2,000 crore in one or more tranches by way of private placement subject to approval of the Members in the ensuing Annual General Meeting (AGM) of the company.

The board approved appointment of Usha Sangwan as an Additional Director (Non-Executive Independent) on the Board from May 21, 2021 till the commencement of the next AGM and will continue for a period of five consecutive years from May 21, 2021 till May 20, 2026 (both days inclusive), subject to approval of the Members of the company.

Usha Sangwan, 62, was the first woman Managing Director of LIC of India, the largest life insurer in the world in terms of number of customers.

She is a post graduate in Economics, a post graduate diploma holder in Human Resource Management and Licentiate from Insurance Institute of India.

Torrent Power has an aggregate installed generation capacity of 3,879 MW comprising 2,730 MW of gas-based capacity, 787 MW of renewable capacity and 362 MW of coal-based capacity.

Solar projects of 700 MW are under development, of which LOAs have been received for projects of 400 MW.

The Company distributes nearly 14.5 billion units to over 3.71 million customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.