Torrent Power's Q2 net profit rises 12% to Rs 543 cr on higher revenues

Torrent Power on Thursday posted a 12 per cent increase in consolidated net profit to Rs 543 crore in the September quarter on the back of higher revenues.

The consolidated net profit of the company was Rs 484 crore in the year-ago period, as per a BSE filing.

The company's total income rose to Rs 7,069.11 crore during the quarter from Rs 6,797.21 in the same period a year ago.

The company said major reasons for an improvement in the total comprehensive income for the quarter include increase in contribution from merchant power sales in gas-based power plants and increase in contribution from licensed distribution businesses.

Higher contribution from renewable businesses due to capacity addition and higher wind PLF (capacity utilisation) also helped improve total comprehensive income.

The other reason was decrease in tax expenses.

Its total comprehensive income increased 9 per cent to Rs 531 crore from Rs 485 crore a year ago.

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.

The company has an aggregate installed generation capacity of 4,287 MW comprising 2,730 MW of gas-based capacity, 1,195 MW of renewable capacity and 362 MW of coal-based capacity.

Further, 953 MW renewable projects are under development. Total generation capacity, including projects under advanced stages of development, is 5,240 MW.

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; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra, and Agra in Uttar Pradesh.