Torrent Power jumps 10%
Torrent Power is among the top five gainers since the opening bell today; rising 10% to an intraday high at Rs.502.55 on the back of 1.5x surge in volumes.
The market has given its Q3FY23 earnings a big thumbs up with consolidated net profit rising 88% (YoY) at Rs.695 crore on a 71% rise in revenue from operations at Rs.6443 crore.
EBITDA was up 53% at Rs.1527 crore though margins declined 240 bps to 22.40%. The 67% jump in total expenses impacted the margins.
The company stated the reasons for the increase in earnings:
- 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 (DNH & DD) which has been taken over from 1st April, 2022;
- Increase in contribution from franchised distribution business due to reduction in T&D losses on account of continuous and sustained focus on Loss reduction activities;
- Net gain from trading of LNG;
The Board approved an interim dividend of Rs.22/share which also includes Rs.13/share as special dividend. 22nd Feb is the record date.
Torrent 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. Further, renewable projects of 736 MW are under development.