Torrent Power Q1 profit doubles to Rs 173 cr

Electricity generator Torrent Power Ltd's consolidated net profit for the first quarter ended June 30, 2015-16, has more than doubled to Rs 173.48 crore.
"The Group has posted a net profit after tax and minority interest of Rs 173.48 crore for the quarter ended June 30, 2015 as compared to Rs 86.2 crore for the quarter ended June 30, 2014," Torrent Power Ltd said in BSE filing today.
The total income has increased from Rs 2,628.95 crore for the quarter ended June 30, 2014 to Rs 3,063.11 crore for the quarter ended June 30, 2015.
The company said in the filing that the consolidated financial result include the financial results of four subsidiaries: Torrent Power Grid Ltd, Torrent Pipavav Generation Ltd, Torrent Solargen Ltd and Torrent Energy Ltd.

The company's has also posted its standalone unaudited net profit of Rs 309.18 crore for the first quarter as compared to Rs 80.28 crore a year ago.
It standalone total income has increased from Rs 2,593.86 crore for the first quarter of last year, to Rs 2,979.22 crore for the quarter ended June 30, 2015.

In a separate filing, the company said that it has decided to pay a dividend of Rs 1.50 per equity share for the financial year ended on March 31, 2015, in the annual general meeting held today.
The company also has decided to re-appoint Sudhir Mehta as the Chairman for 5 years from August 1. It was also decided through remote e-voting and poll to re-appoint Samir Mehta as Vice-Chairman of the company for five year from August 1.

The company has also appointed PK Taneja as an Additional Director.
Torrent Power shares closed 10.12 per cent up at Rs 163.79 apiece on the BSE.