Torrent Power Q3 net up 15% to Rs 369 cr on LNG trade gains

Gain from liquefied natural gas (LNG) trading, among others, led Torrent Power Ltd to post a 15% increase in its consolidated net profit to Rs 369.45 crore for the quarter ended December 31, 2021.

The company had recorded a net profit of Rs 321.73 crore in the corresponding quarter of the previous financial year 2020-21.

Torrent Power’s consolidated operating revenue increased by 28% to Rs 3,767.43 crore in the third quarter of FY22 from Rs 2,952.75 crore in the third quarter of FY21.

According to Torrent Power, in addition to LNG trading gains, the increased contribution from merchant electricity sales offset by the lower contribution from long-term PPAs in gas-fired power plants also contributed to its growth. total consolidated income.

In addition, the company recorded an increased contribution from the distribution franchise business due to lower T&D losses partially offset by a lower contribution due to lower rates and lower finance charges, all two due to lower debt and lower interest rates.

Meanwhile, Torrent Power’s board has approved an interim dividend of Rs.9 per share on shares of Rs.10 each for the financial year 2021-22.

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