Torrent Power Q3 results: Net profits dip 46% to Rs 374 crore
Earning before interest, depreciation and tax (EBIDTA) for Q3 of FY 2023-24 was lower due to a reduction in net gain from trading of LNG and merchant power sales by Rs 478 crore compared to the corresponding quarter of last year.
Torrent Power on Thursday reported a 46 per cent dip in its consolidated net profit to Rs 374 crore in the December quarter compared to the year-ago period mainly due to lower revenues.
The company reported a net profit of Rs 695 crore in the third quarter of FY 2022-23, a company statement said. Revenue from operations stood at Rs 6,366 crore in the December quarter of FY2023-24 compared to Rs 6,443 crore in Q3 of FY 2022-23.
Earning before interest, depreciation and tax (EBIDTA) for Q3 of FY 2023-24 was lower due to a reduction in net gain from trading of LNG and merchant power sales by Rs 478 crore compared to the corresponding quarter of last year.
“Adjusted for the above gain in the third quarter of FY 2022-23, adjusted earnings before interest, depreciation and tax (EBIDTA) and PAT for Q3 FY 2023-24 were higher by Rs 49 crore and Rs 31 crore respectively as compared to Q3 FY 2022-23,” it stated.
The major reasons for higher adjusted PAT for the quarter on y-o-y basis include an increase in contribution from licensed distribution businesses and an increase in contribution from renewable businesses due to capacity addition and higher wind PLF (plant load factor or capacity utilisation).
The other reasons are a decrease in tax expenses and higher depreciation expense. The board in its meeting on Thursday approved interim dividend for FY 2023-24 of Rs 12 per Equity Share on 48,06,16,784 equity shares of Rs 10 each.
The dividend will be remitted on or before March 7, 2024 to eligible shareholders. The Record Date is Friday, February 16, 2024, for the purpose.
The board also acceded to the desire of Sudhir Mehta to step down as the Director of the Company while continuing as Chairman Emeritus (without Board position) effective from April 01, 2024.
Torrent Power, the Rs 25,694 crore integrated power utility of the Rs 37,600 crore Torrent Group, is one of the largest companies in the country's power sector with presence across the entire power value chain – generation, transmission and distribution.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
09:40 PM IST