Torrent Power Q2 Net down 43% at Rs 141 crore

Torrent Power today reported a 43 per cent dip in its consolidated net profit at Rs 141 crore in the quarter ended September 30, mainly due to partial recovery of fixed costs at its generation plants.
It had posted a net profit after tax, non-controlling interest and share of profit/(loss) of an associate at Rs 247.01 crore for the second quarter last year, Torrent Power said in BSE filing.
According to statement, total income decreased from Rs 3,228.79 crore for the quarter to Rs 2,726.80 crore for the corresponding period a year ago.
Net income from operations decreased to Rs 2,627.93 crore in the second quarter of this fiscal from Rs 3,056.95 crore a year ago.

Listing major reasons for variation in results, the company said, "Recovery of partial fixed cost of DGEN (Dahej power plant) and UNOSUGEN (Surat power plant) power plants in Q2 FY2015-16 due to allocation of gas under the 'Scheme for Utilisation of Gas Based Power Generation Capacity' issued by Ministry of Power."
The other reason as per the company is "recovery of differential fixed cost in Q2 2015-16 for the period from 1st April 2014 to 30th September 2015 pursuant to Tariff order issued by CERC in October 2015 for the tariff period FY 2014-19 for SUGEN power plant".
Torrent Power shares closed at Rs 172.35 per piece, down 1.15 per cent on the BSE.