Torrent Power trades 2% lower as Q3 net profit plunges 47%

The Q3FY24 net profit was impacted by lower topline and dismal operating numbers with higher fuel cost.

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Shares of Torrent Power traded 2 percent lower on the NSE on February 8, a day after the company reported a 47 percent on-year decline in Q3FY24 profit. At 1:40pm, the stock was trading at Rs 1,173.55.

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Gujarat-based Torrent Power reported a consolidated net profit of Rs 359.8 crore for the quarter ended December 2023, around 47 percent lower than the previous fiscal. The net profit was impacted by lower topline and dismal operating numbers with higher fuel cost. Revenue from operations for the same period also fell 1.2 percent on-year to Rs 6,366 crore for the quarter, while its EBITDA stood at Rs 1,044.1 crore as against Rs 1,443.7 crore a year back.

The board has also approved an interim dividend of Rs 12 per share for the current financial year.

Also read: Torrent Power pledges Rs 47,000 crore investment in renewables, electricity distribution in Gujarat

Gujarat-based Torrent Power  has an aggregate installed generation capacity of 4,287 MW, comprising 2,730 MW of gas-based capacity, 1,195 MW of renewable capacity and 362 MW of coal based capacity. It has around 977 MW of Renewable projects under development.

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