 "Torrent Power jumps 6% to fresh high; soars 92% from January's 52-week low")
The share price of Torrent Power jumped 5.8 per cent on the BSE to a new lifetime high of Rs 829 on Monday. The gains came following the company's strong earnings performance on Thursday after market hours.
With today's gains, the stock has surged a whopping 92 per cent from its 52-week low of Rs 431 touched on January 30, 2023. The company's consolidated net profit rose 9 per cent year-on-year (YoY) to Rs 531 crore in the Septemeber quarter.
Revenue from operations were up 4 per cent to Rs 6,961 crore.
The EBITDA for Q2FY24 grew 6 per cent to Rs 1,330 crore from Rs 1,258 crore in the year-ago period.
The net profit growth came on the back of increased contribution from merchant power sales in gas-based power plants, from licensed distribution businesses, higher contribution from renewable businesses due to capacity addition and higher wind PLF and decrease in tax expenses, the company said.
Meanwhile, it also noted an increase in finance cost and depreciation expenses along with lower net gain from trading of LNG partly compensated by increased contribution from merchant power sales in gas plants.
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Torrent Power, an integrated power utility of the Torrent Group, is one of the largest companies in the country’s power sector with presence across the power value chain of generation, transmission and distribution.
The company has an aggregate installed generation capacity of 4,287 MW comprising of 2,730 MW of gas-based capacity, 1,195 MW of renewable capacity and 362 MW of coalbased capacity.
Further, Renewable projects of 953 MW are under development. Total generation capacity, including projects under advanced stages of development, is 5,240 MW.
In distribution, Torrent Power distributes nearly 28 billion units to over 4.03 million customers in the cities of 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 UP.