On a consolidated basis, Torrent Power's net profit jumped 143% to Rs 502.11 crore in Q1 FY23 as against Rs 206.59 crore posted in Q1 FY22.
Revenue from operations surged 110.1% to Rs 6,510.31 crore in Q1 FY23 from Rs 3,098.91 crore posted in Q1 FY22. Profit before tax soared 145.9% to Rs 671.06 crore in Q1 FY23 as compared to Rs 272.93 crore posted in Q1 FY22.Total expenses jumped 107.8% year on year to Rs 5,947.56 crore in the quarter ended 30 June 2022. Electrical energy purchased cost stood at Rs 3,824.65 (up 303.7% YoY) and cost of materials consumed was at Rs 119.40 crore (up 271.9% YoY) while employee benefits expense fell 3.7% YoY to Rs 141.84 crore in Q1 FY23.
EBITDA rose 53% to Rs 1,169 crore in Q1 FY23 as compared to Rs 764 crore posted in the same period last year.
The company said that the major reasons for improvement in the total income for the quarter were increase in contribution from renewable generation due to higher PLF and recent acquisitions and gain from trading of LNG.
Also, improved performance of licensed distribution businesses and increase in contribution from franchised distribution business due to electricity demand, reduction in T&D losses and reduction in provision for doubtful debts compared to comparable quarter of last year which was impacted due to Covid 19 pandemic supported the growth in revenue.
Torrent Power is a private sector integrated power utility engaged in the business of power generation, transmission and distribution.
Shares of Torrent Power closed 1.47% higher at Rs 548.75 on the BSE on Monday.
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