Torrent power net profit dips 43% in Q 2

Ahmedabad :
Leading Private Power Utilities company Torrent power has seen a drop of around 43 % in its net profit during the second quarter of the current fiscal as compared to the same period of the last year.

       It has also seen a decline of over 14% in its total income.

The Ahmedabad based company in its financial results for the second quarter ended September 30, issued today said that its net profit during the Q2 FY17 is at Rs 140.93 crore as compared to Rs 247.01 crore of the same period last fiscal.

The consolidated total income from operations has also come down to Rs 2677.59 crore from Rs 3112.92 crore of the second quarter of FY 16.

The company has attributed recovery of partial fixed cost of DGEN and UNOSUGEN power plants in Q2 FY16 due to allocation of gas under a scheme of the union power ministry and recovery of differential fixed cost in Q 2 FY 16 for a period of six months including the preceding quarter as the major reasons behind the variation in the results.

Torrent Power with its current operational generation capacity of around 3333 MW distributes nearly 14.67 billion units to over 3.06 million customers in the cities of Ahmedabad, Gandhinagar, Surat and Dahej SEZ in Gujarat, Bhiwandi in Maharashtra and Agra in Uttar Pradesh. Of these around 2.3 million are from the three cities of Gujarat. The billing formula for Dahej SEZ is different.

Desh Gujarat