Torrent Power soared 8.87% to Rs 1,741.50 after the company's consolidated net profit jumped 87.96% to Rs 972.24 crore in Q1 FY25 as against with Rs 517.27 crore posted in Q1 FY24.
The company said that net profit surged due to increase in contribution from merchant power sales in gas-based power plants; increase in contribution from licensed distribution businesses and increase in tax expenses.
Revenue from operations grew by 23.28% year on year to Rs 9,033.73 crore in the quarter ended 30 June 2024.
Profit before tax for the quarter was at Rs 1,314.65 crore, registering a growth of 84.83% from Rs 711.27 crore recorded in Q1 FY24.
EBITDA stood at Rs 1,934 crore in the Q1 FY25, up 52% as against Rs 1,270 crore recorded in the same period a year ago.
The company has an aggregate installed generation capacity of 4,415 MWp comprising of 2,730 MW of gas-based capacity, 1,323 MWp of renewable capacity and 362 MW of coalbased capacity.
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Further, renewable projects of 3,077 MWp are under development. Total generation capacity, including projects under advanced stages of development, is 7,492 MWp, said the firm.
Meanwhile, the company said that its board has approved the sale of 100% equity shares of Torrent Electricals (TEPL) to Torrent Investments (TIPL), holding company for an amount aggregating to Rs 85 crore. The sale is expected to be completed by 31 December 2024.
Further, the company informed that it has incorporated a wholly owned subsidiary, Torrent Urja 18 (TU18) with an authorized and paid-up share capital of Rs 1 lakh each.
Torrent Power is a private sector integrated power utility engaged in the business of power generation, transmission and distribution.
The scrip hit an all-time high at Rs 1,779.95 in intraday today.
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