Torrent Power Q2 profit rises 83% to Rs 755 crore

New Delhi: Torrent Power on Tuesday posted about 83 per cent jump in its consolidated net profit at Rs 755.61 crore in the quarter ended September 2019.

Its consolidated net profit was Rs 413.52 crore in the same quarter a year ago, a BSE filing said.

Total income rose to Rs 3,891.29 crore in the quarter under review from Rs 3,488.66 crore in the corresponding three months a year ago.

The company's board at its meeting approved a scheme of arrangement for transfer of cable business undertaking to TCL Cables, a wholly owned subsidiary of the company, on a going concern basis by way of slump sale with effect from the appointed date of April 1, 2020, for a lump sum consideration of Rs 214.50 crore (to be adjusted for change in working capital).

The scheme is subject to approval of regulatory authorities and the National Company Law Tribunal, it said.

The board has also approved the proposal of purchase of 20 lakh equity shares of Rs 10 each of TCL Cables for a consideration of Rs 2 crore.

Prior to purchase of equity shares, TCPL was a step-down wholly owned subsidiary of Torrent Power. After this acquisition, TCPL will become a direct wholly owned subsidiary.

Torrent Power is a Rs 13,341 crore integrated power utility of Rs 21,000 crore Torrent Group. It is one of the largest companies in the country's power sector with presence across the entire power value chain – generation, transmission and distribution.

The company has an aggregate installed generation capacity of 3,703 MW comprising of 2,730 MW of gas-based capacity, 611 MW of renewable capacity and 362 MW of coal-based capacity.

The company has an additional 791 MW of renewable projects under construction; on completion of the said projects, the aggregate renewable capacity would be 1,402 MW and the aggregate generation capacity would be over 4,494 MW.

The company distributes nearly 16.68 billion units to over 3.32 million customers in the cities of Ahmedabad, Gandhinagar, Surat and Dahej SEZ in Gujarat, Bhiwandi in Maharashtra and Agra in Uttar Pradesh.