This largecap utilties co. more than trebles investors wealth in last one year
This largecap utilties co. more than trebles investors wealth in last one year
Largecap utilities company Torrent Power in Wednesday's trade (July 31) surged 19 per cent as the company posted strong Q1FY25 show. At the last count, shares of the company traded higher by over 16 per cent at Rs 1,862.15 per share on the BSE. This is after the stock clocked nearly 19 per cent gains and marked a fresh record high of Rs 1,899 per share earlier in the day.
As per Zee Business research inputs, sharp gains in the stock are spurred after the company registered the highest revenue, EBITDA and profitability in the June quarter.
The company for the reporting quarter as against estimates of 4.7 per cent increase in revenue, posted an over 23.3 per cent growth in revenue on-year. Also, EBITDA recorded a growth of 57 per cent as against the forecast of just 10 per cent growth in the quarter under review.
Further, the company's profitability during the period recorded a sharp surge of 87.2 per cent at Rs 996 crore. In the generation segment, the company's revenue grew 65 per cent in June quarter to Rs 3,677.7 crore.
The company's licensed distribution business has contributed immensely to the company's healthy financials during the review period.
Torrent Power in its filing released yesterday informed about the incorporation of a wholly owned subsidiary known as Torrent Urja 18 Private Limited.
TU18 is incorporated with object to carry on the business of manufacture, process, produce, assemble, alter, purchase, refine, treat, reduce, distil, blend, purify, store, hold, transport, use, experiment with, supply, sell, import, export, trade and generally deal in hydrogen, its byproducts and/or its derivatives like ammonia, chemicals, compressed natural gas and mineral substances and Generation, transmission, distribution, purchase, procurement, sale, trading, import, export, storage of power, Hydrogen and/or its derivatives like ammonia or otherwise deal in all forms of non-conventional, renewable, green, hydro power, or any other sources of energy including electrical power and energy in all aspects, added the company's filing.
Torrent Power share price performance
In the last one year, the company's shares have zoomed 179 per cent.
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