Torrent Power lost 4.37% to Rs 86.35 at 13:58 IST on BSE after the company reported a consolidated net loss of Rs 7.39 crore for Q1 June 2013, compared with net profit of Rs 104.43 crore in Q1 June 2012.
The Q1 result was announced after market hours on Thursday, 25 July 2013.
Meanwhile, the S&P BSE Sensex was down 92.95 points or 0.47% at 19,711.81.
On BSE, 28,000 shares were traded in the counter as against average daily volume of 57,265 shares in the past one quarter.
The stock hit a low of Rs 86 so far during the day, which is also its 52-week low for the counter. The stock hit a high of Rs 89.20 so far during the day. The stock had hit a 52-week high of Rs 198 on 2 January 2013.
The stock had underperformed the market over the past one month till 25 July 2013, sliding 15.53% compared with the Sensex's 6.31% surge. The scrip had also underperformed the market in past one quarter, sliding 38% as against Sensex's 2.05% rise.
More From This Section
The mid-cap company has equity capital of Rs 472.45 crore. Face value per share is Rs 10.
Torrent Power's total income from operations rose 3.97% to Rs 2203.71 crore in Q1 June 2013 over Q1 June 2012.
The company said that the continuous decline and eventual stoppage in domestic gas supply from KG-D6 basin has impacted the plant load factor (PLF) at the company's SUGEN mega power plant in near Surat in Gujarat. The PLF at the SUGEN power plant declined to 22.35% in Q1 June 2013 from 59.16% in Q1 June 2012. The reduced supply of power from the SUGEN mega power plant to the company's regulated distribution areas at Ahmedabad and Surat necessitated purchase of short term power, whose cost could not be passed on fully under the FPPPA mechanism, resulting into additional impact to the tune of about Rs 130 crore, Torrent Power said in a statement.
The company also incurred under-recovery of about Rs 50 crore of fixed cost of SUGEN expansion as its tariff, as determined by the CERC, is yet to be adopted by GERC.
Torrent Power is one of the largest private players in the country having integrated operations in the power sector.
Powered by Capital Market - Live News