Ahmedabad: The Ahmedabad-based Torrent Power Limited has registered a decline of around 70% in its net profit during the third quarter of the current fiscal.

The Pharma wing of the company ie Torrent Pharmaceuticals Limited, had also registered a drop of over 22 % in its net profit in Q 3 of this fiscal.

In its financial results for the third quarter announced today, Torrent power has mentioned that its Q 3 net profit has come down to Rs 106.66 crores from Rs 359.08 crores of the same period of last fiscal. The consolidated total income of the company has also come down to Rs 2326. 69 crores from Rs 3032.05 crores of the third quarter of the last year.

The company has said that the major reasons for variation in Q3 FY 2016-17 results as compared to Q3 FY 2015-16 results are – Recovery of partial fixed cost of DGEN and UNOSUGEN power plants in Q3 FY 2015-16 due to allocation of gas under the ‘Scheme for Utilisation of Gas Based Power Generation Capacity’ issued by Ministry of Power,under recovery of FPPPA in Q3 FY 2016-17 and recovery of part arrears of unrecovered FPPPA for FY 2014-15 in Q3 FY 2015-16 and Reversal of earlier years provisions under long term supply and service agreements in Q3 FY 2015-16.

Torrent Power Limited, the Rs. 11,998 Crore integrated power utility of the Torrent Group, is one of the largest private sector players in the country present in power generation, transmission and distribution. The Company has installed generation capacity of 3,485 MW. With operational and under-construction projects, the aggregate renewable capacity of the Company would reach to nearly 576 MW. The Company distributes nearly 14.67 billion units to over 3 million customers in the cities of Ahmedabad, Gandhinagar, Surat and Dahej SEZ in Gujarat, Bhiwandi in Maharashtra and Agra in Uttar Pradesh. The company is also in the business of manufacturing and supply of cables.

Notably, Torrent pharma’s results declared on February 3 had mentioned a net profit of Rs 229 crores during the third quarter of the current fiscal as against Rs 290 crores during the same period last year.

DeshGujarat