Torrent Power gained 3.52% to Rs 294.15 at 10:06 IST on the BSE after consolidated net profit rose 21.9% to Rs 275.27 crore on 5.9% rise in net sales to Rs 3736.13 crore in Q1 June 2019 over Q1 June 2018.
The result was announced after the market hours yesterday, 5 August 2019.
Meanwhile, the S&P BSE Sensex was up by 151.78 points or 0.41% to 36,851.62.
On the BSE, 1.49 lakh shares were traded in the counter so far compared with average daily volumes of 51000 shares in the past two weeks. The stock had hit an intraday high of Rs 304.55 and an intraday low of Rs 285.85 so far during the day. The stock hit a 52-week high of Rs 313.8 on 16 July 2019 and a 52-week low of Rs 212.1 on 1 October 2018.
The company's earnings before interest tax depreciation and amortization (EBITDA) rose 8.4% to Rs 888 crore in Q1 June 2019 from Rs 819 crore in Q1 June 2018.
Contribution from merchant power sales during the quarter, higher profits from renewable energy business and improved performance of licensed and franchised distribution businesses on back of reduction in T&D losses boosted company's Q1 June 2019 numbers.
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During the quarter the regulator approved a long term power procurement arrangement for 278 MW between the company's licensed distribution business and UNOSUGEN Power Plant (capacity of 382.5 MW). The approval, for the balance life of the plant of 19 years, will enable steady base load operations for UNOSUGEN plant, resulting in recovery of project loan interest and depreciation thereon.
Torrent Power is one of the largest companies in the country's power sector with presence across the entire power value chain - generation, transmission and distribution.
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