December quarter saw an 88% increase in Torrent Power's net profit

16 Feb 2023 CW Team

On account of increasing revenue, Torrent Power reported an 88% increase in its consolidated net profit for the December quarter, coming in at Rs 6.94 billion.

The company recorded a net profit of Rs 3.69 billion from October through December of fiscal 2021–22.

From Rs 38.33 billion in the same quarter last year, total income increased to Rs 65.26 billion in the December quarter.

In addition, its overall spending increased significantly from Rs 3,324.02 crore to Rs 55.49 billlion.

The main factors contributing to the increase in the total comprehensive income for the quarter on a year-over-year basis are an increase in contribution from franchised distribution businesses due to a reduction in T&D losses as a result of continuous and sustained focus on improving performance as well as an increase in contribution from operations in Dadra and Nagar Haveli and Daman and Diu, which have been taken over as of April 1, 2022.

One of the biggest businesses in the nation's power industry, Torrent Power, the Rs 142.58 billion integrated power utility of the Rs 235 billion Torrent Group, is present throughout the whole power value chain, including generation, transmission, and distribution.

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