AHMEDABAD: Torrent Power on Tuesday posted an 82.7% growth in its stand-alone net profit at Rs 695 crore during the third quarter of fiscal year 2023. The company’s profit swelled from Rs 380.2 crore in the corresponding quarter of FY 2022. The company’s standalone revenues from operations grew to Rs 4,867.24 crore during the quarter, up 33% against Rs 3,722.89 crore in the corresponding quarter.
“Increase in contribution from existing licensed distribution businesses due to improved performance and contribution from the operations of Union Territory of Dadra and Nagar Haveli and Daman and Diu, which Torrent Power took over from April last year was a key reason for rise in revenues,” said Torrent Power in a statement.
Torrent Power has an aggregate installed generation capacity of 4,160 MW comprising 2,730 MW of gas-based capacity, 1,068 MW of renewable capacity and 362 MW of coal-based capacity.
The company also attributes net gains from liquified natural gas (LNG) trading to an increased contribution from franchised distribution business due to reduction in transmission and distribution losses on account of continuous and sustained focus on loss reduction activities to its augmented revenues during the quarter.
Torrent Power distributes some 26 billion units to at least 3.94 million customers in Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat, Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD); Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh, among others.
“Increase in contribution from existing licensed distribution businesses due to improved performance and contribution from the operations of Union Territory of Dadra and Nagar Haveli and Daman and Diu, which Torrent Power took over from April last year was a key reason for rise in revenues,” said Torrent Power in a statement.
Torrent Power has an aggregate installed generation capacity of 4,160 MW comprising 2,730 MW of gas-based capacity, 1,068 MW of renewable capacity and 362 MW of coal-based capacity.
The company also attributes net gains from liquified natural gas (LNG) trading to an increased contribution from franchised distribution business due to reduction in transmission and distribution losses on account of continuous and sustained focus on loss reduction activities to its augmented revenues during the quarter.
Torrent Power distributes some 26 billion units to at least 3.94 million customers in Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat, Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD); Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh, among others.