Torrent Power, an integrated power utility company of Ahmedabad-based Torrent Group, on Thursday posted a net profit of Rs 482.31 crore for the quarter ended September, 32% higher than previous year’s Rs 365.23 crore.
The company’s revenue from operation increased by 84% to Rs 6,703.15 crore for Q2FY23 against Rs 3,647.62 for Q2FY22. The Ebitda stood at Rs 1,258 crore in Q2 compared with Rs 974 crore in Q2 of FY22, registering a 29% increase.
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“The major reasons for improvement in the total comprehensive income for the quarter on a year-on-year basis include increase in contribution from franchised distribution business, reduction in T&D losses on account of continuous and sustained focus on loss reduction activities and an increase in electricity demand during the quarter. Besides, the company’s performance for the licensed distribution business improved,” the company said in a press communique.