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Indian energy provider Torrent Power posted its second straight fall in quarterly profit on Wednesday, hurt by higher fuel prices.
The company, a unit of Torrent Group, said consolidated net profit fell 4.2% to Rs 430 crore ($51.7 million) in the January-March quarter, from Rs 449 crore a year ago.
Its revenue from operations rose 8.1% to Rs 6,529 crore, however, total expenses, led by fuel cost, rose nearly 10% to Rs 6,008 crore.
WHY IT MATTERS
Searing heatwaves and an uptick in economic activity have resulted in India's electricity generation growing at an average of about 8% annually following the pandemic year of 2020/21, outpacing power demand growth in every major global economy.
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Torrent Power's Chairman, Samir Mehta sees power demand in the the world's fastest-growing major economy to remain strong going forward. Company has an aggregate installed generation capacity of 4,328 megawatt peak (MWp) comprising of 2,730 megawatt (MW) of gas-based capacity, 1,236 MWp of renewable capacity and 362 MW of coal based capacity.
Earlier this month, peer Tata Power, reported a 15% rise in its fourth-quarter profit.
