Torrent Power profit dips nearly 9% to Rs 495 cr in Jul-Sept

New Delhi: Torrent Power on Wednesday reported about 9 per cent dip in consolidated net profit to Rs 495.72 crore in the September quarter compared to the year-ago period as extended monsoon season curbed electricity demand and capacity utilisation of renewables.

The company had a consolidated net profit of Rs 542.55 crore in the quarter ended on September 30, 2023, a BSE filing showed.

Total income increased to Rs 7,300.51 crore in the period under review from Rs 7,069.11 crore a year ago. Total expenses rose to Rs 6,611.83 crore in the quarter from Rs 6,328.44 crore in the same period a year ago.

The company stated that the increase in contribution from licensed distribution businesses was offset by lower contribution from thermal generation mainly on account of reduced sale of merchant power (including sale of LNG) due to lower electricity demand in the current quarter on account of extended and heavy Monsoon against comparable quarter last year.

Lower contribution from renewable businesses due to lower PLF (plant load factor) on account of inclement weather conditions and partial commissioning of solar projects under the stabilisation period also impacted profitability, the company said.

Higher finance and depreciation costs due to capital expenditure and commissioning of additional renewable generation capacity also impacted the bottomline.

Torrent Power, the Rs 27,183-crore integrated power utility of the Rs 41,000 crore Torrent Group, has a presence across the entire power value chain – generation, transmission and distribution.