 "Torrent Power Q3 net up 15% to Rs 369 cr on gains from LNG trading")
Gain from liquified natural gas (LNG) trading, among other things, has led Torrent Power Ltd to post a 15 per cent increase in its consolidated net profit at Rs 369.45 crore for the quarter ended December 31, 2021.
The company had seen a net profit of Rs 321.73 crore in the corresponding quarter in the previous financial year 2020-21.
Torrent Power's consolidated revenues from operations grew 28 per cent to Rs 3,767.43 crore in Q3 of FY22 from Rs 2,952.75 crore in Q3FY21.
According to Torrent Power, apart from gains from LNG trading, increase in contribution from merchant power sales offset by lower contribution from long term PPA in gas-based power plants also contributed to growth in its total consolidated income.
In addition, the company saw an increase in contribution from distribution franchisee business due to reduction in T&D losses partially offset by lower contribution due to lower rate and decrease in finance costs, both due to lower debt and reduction in interest rates.
Meanwhile, the board of directors of Torrent Power approved an interim dividend of Rs 9 per share on equity shares of Rs 10 apiece for FY 2021-22.
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