 "Torrent Power Q1 result: Net profit up 88% at Rs Rs 972 cr on robust demand")
Indian energy provider Torrent Power posted an 88 per cent rise in first-quarter profit on Tuesday, helped by surging power demand.
The company, a unit of Torrent Group, said its consolidated net profit rose to Rs 972 cr ($116.1 million) in the April-June quarter, from Rs 517 cr a year ago.
Revenue from operations rose 23.3 per cent to Rs 9,034 cr .
A severe heatwave in India during the April-June period boosted base power demand by 10 per cent, according to Elara Securities. Rising power demand, increased capacity additions and adoption of green hydrogen should continue to drive growth in the utility sector, the brokerage said.
Heatwaves and increasing economic activity have resulted in India's electricity generation growing at an average of about 8 per cent annually following the pandemic.
India expects power generation to grow 9.3 per cent to 1,900 billion kilowatt hours (kWh) in fiscal 2025.
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