Torrent Power reported a 43 per cent drop in its consolidated net profit for the quarter ended 30thSeptember 2016 at Rs 141 crores, majorly due to partial recovery of fixed costs at its generation plants. The company had posted a net profit after tax (Net PAT), non-controlling interest and share of profit/ (loss) of an associate at Rs 247.01 crores for the second quarter last year, Torrent Power said in a regulatory filing to the exchanges.
According to the filed statement, total income decreased from Rs 3,228.79 crores for the quarter to Rs 2,726.80 crores for the corresponding period a year ago.
Net income of the firm from operations decreased to Rs 2,627.93 crores in the second quarter of 2016 from Rs 3,056.95 crores a year ago. Listing major reasons for variation in results, the company commented, "Recovery of partial fixed cost of DGEN (Dahej power plant) and UNOSUGEN (Surat power plant) power plants in Q2 FY2015-16 due to allocation of gas under the 'Scheme for Utilisation of Gas Based Power Generation Capacity' issued by Ministry of Power."
The other reason according to the company is "recovery of differential fixed cost in the second quarter 2015-16 for the period from April 1st 2014 to September 30th 2015 pursuant to Tariff order issued by CERC in October 2015 for the tariff period FY 2014-19 for SUGEN power plant".
Torrent Power share price is currently trading at Rs 179.65, up by 0.20 per cent or 0.35 points. The share price opened at Rs 180.40 from a previous closing of Rs 179.30. The intraday high of the share is Rs 182.50 and the intraday low is Rs 179.30. A total of 4,14,359 shares of the company have exchanged hands on the counter of the National Stock Exchange aggregating to a total amount of Rs 748.91 lacs.
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