Torrent Power posts 12 pc jump in net profit at Rs 227 cr in April-June quarter

Torrent Power today posted about 12 per cent jump in its consolidated net profit at Rs 227.32 crore in the quarter ended June mainly on the back of higher revenues.

The company's net profit stood at Rs 203.24 crore in the quarter ended on June 30, 2017, a BSE filing said.

According to the statement, total income of the company rose to Rs 3,580.42 crore in the quarter under review from Rs 3,079.41 crore a year ago.

The consolidated financial results include the results of the company and five subsidiaries : Torrent Power Grid Ltd , Torrent Pipavav Generation Ltd, Torrent Solargen Ltd, Jodhpur Wind Farms Private Ltd and Latur Renewables Private Ltd, it said.

The application of lnd AS 115 has impacted the company's policy with respect to revenue recognition of licensed electricity distribution business. The company has applied the Modified Retrospective Approach for transition adjustments.

Due to the application of lnd AS 115, each of revenue from operations, profit for the period and total comprehensive income for the quarter ended June 30, 2018 is higher by Rs 56.79 crore, it added.

In a separate filing, the company said that its shareholders today approved the proposal of a dividend of Rs 5 per equity share of Rs 10 each for the financial year ended March 31, 2018.

The shareholder also approved enhancement of borrowing limits up to Rs 20,000 crore.