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.
Dear reader,
Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.
As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.
Support quality journalism and subscribe to Business Standard.
digital editor
Comments are closed.