Torrent Power Surges with Over 141% Profit Boost in Transformative Year
Torrent Power reported a substantial rise in net profit for the March quarter, achieving a 141% increase from the previous year. The profit surge was driven by the reversal of deferred tax liabilities, increased contributions from gas-based power plants, and substantial growth in licensed and franchised distribution businesses. The board also approved a final dividend distribution and a proposal to raise funds through debentures.
- Country:
- India
In a remarkable financial turnaround, Torrent Power posted an impressive 141% increase in its net profit for the March quarter, reaching Rs 1,077.22 crore, greatly attributed to the reversal of deferred tax liabilities totaling Rs 637.09 crore.
The company saw a slight dip in total income to Rs 6,570.69 crore but benefitted from strategic financial adjustments, including the adoption of a new income tax rate and notable contributions from its power plants and distribution sectors.
Looking ahead, Torrent Power announced a proposed dividend of Rs 5 per share and plans to raise Rs 3,000 crore through non-convertible debentures, signaling robust financial health and readiness for future investments, with ongoing projects in both renewable and hydro power domains.
(With inputs from agencies.)
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