Torrent Power Q2 net profit dips by 45%

City-based Torrent Power today reported a 45.63% dip in net profit at Rs 164.37 crore for the second quarter ended September 30, as compared to Rs 307.97 crore in the corresponding period a year ago.

However, the company's consolidated income from operations was up by 10.29% at Rs 2,209.58 crore in the second quarter against Rs 2,003.47 crore in the comparable quarter of the previous year.

The company has cited fall in the domestic gas supply from KG-D6 basin impacting the plant load factor (PLF) of its Sugen mega power plant and purchase of short-term power at higher price, as the reason behind dip in the net profit.

Fall in the domestic gas supply from KG-D6 basin has impacted the PLF, at the company's SUGEN mega power plant, which has reduced to 49.20% in the second quarter ended September against 85.48% in the comparable quarter the previous year, a company statement said.

Reduced power supply from Sugen to company's regulated distribution areas at Ahmedabad and Surat has necessitated purchase of short-term power at higher price, resulting in an additional impact of around Rs 145 crore, it said.

The company is in the process of setting up new power projects at Surat, Dahej, Pipavav and in Uttar Pradesh with a total capacity of approximately 5,500 MW.