Torrent Power Q1 results: Profit drops over 25% to ₹742 cr on lower demand

Torrent Power on Tuesday reported over 25 per cent dip in consolidated net profit to Rs 741.58 crore in the June quarter due to lower revenues from generation as well as transmission & distribution businesses over lower electricity demand.

It reported a consolidated net profit of Rs 996.34 crore in the year-ago period, a BSE filing showed.

Total income declined to Rs 8,011.04 crore during the quarter from Rs 9,110.02 crore in the same period a year ago.

The company explained that while the company's underlying business remains resilient, the performance during the quarter was particularly impacted due to lower power demand following the early onset of monsoon and elevated gas prices, impacting merchant gains from gas-based generation.

Adjusted for these, total comprehensive income remained comparable to the same quarter last year.

The company remains well-positioned to navigate cyclical variations, supported by its diversified business operations, it stated.

Torrent Power, the Rs 29,165 crore integrated power utility of about Rs 45,000 crore Torrent Group, is one of the largest companies in the country's power sector with presence across the entire power value chain -- generation, transmission, and distribution.

The company has an aggregate installed generation capacity of 4,881 MWp comprising 2,730 MW of gas-based capacity, 1,789 MWp of renewable capacity and 362 MW of coal-based capacity.