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Torrent Power
Torrent Group's philanthropic arm, UNM Foundation, has signed memorandums of understanding (MoUs) with six civic bodies for the maintenance of 69 lakes across Ahmedabad and Gandhinagar districts, covering over 2 million square metres. The MoUs were exchanged on Tuesday at the Startup Conclave 2025 in Mahatma Mandir, Gandhinagar, in the presence of Union Home Minister Amit Shah. The agreements mark a major expansion of UNM Foundation's flagship environmental initiative, PRATITI. The civic bodies include Ahmedabad Municipal Corporation (AMC), Gandhinagar Municipal Corporation (GMC), Ahmedabad and Gandhinagar Jilla Panchayats, and the Kalol and Mansa Nagar Palikas. Torrent Group Director Jinal Mehta signed the MoUs with Ahmedabad Mayor Pratibhaben Jain, the conglomerate said in a statement. Chief Minister Bhupendra Patel and several state ministers were also present at the event. UNM Foundation vice-chairperson Sapna Mehta called the initiative a "significant milestone in the ...
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
Torrent Electricals on Tuesday said it plans to invest over Rs 1,000 crore in its newly-launched housing wire vertical over the next few years to expand manufacturing capacity and distribution network. A new entrant in the fast-growing segment, driven by rising power demand including renewables, the company recently rolled out its products in Gujarat and plans to expand to other states in subsequent phases. According to industry reports, the domestic wire and cable market size is estimated at USD 21.22 billion in 2025 and is projected to grow to USD 32.85 billion by 2030, at a compound annual growth rate (CAGR) of 9.14 per cent during 2025-2030. "The company will invest over Rs 1,000 crore in this segment over the next few years, with allocations across manufacturing expansion, quality assurance systems, distribution networks, and brand-building initiatives," Sachin Phartiyal, CEO, Torrent Electricals, said in a statement. The expansion into housing wires is a part of the company's
Torrent Power on Wednesday posted an over two-fold (141 per cent) surge in its consolidated net profit at Rs 1,077.22 crore in March quarter compared to a year ago, mainly due to reversal of deferred tax liabilities of Rs 637.09 crore. The company had a consolidated net profit of Rs 447.04 crore in the quarter ended on March 31, 2024, a BSE filing showed. Total income slightly dipped to Rs 6,570.69 crore in the reporting quarter from Rs 6,625.45 crore in the same period a year ago. The company explained that the management has carried out detailed assessment of deferred tax on temporary differences that are expected to reverse during the period in which the company would be under the new tax regime. Accordingly, it applied the new income tax rate of 25.168 per cent as compared to the existing income tax rate of 34.944 per cent for measuring the said deferred tax in accordance with the requirements of Ind AS 12 "Income Taxes". This has resulted in reversal of deferred tax liabilitie
Torrent Power on Tuesday posted a nearly 31 per cent rise in its consolidated net profit at Rs 489.33 crore compared to a year ago, mainly on the back of higher revenues due to increased sale of electricity from gas-based plants and gain from sale of non-current investments. The company had a consolidated net profit of Rs 374.13 crore in the quarter ended December 2023, Torrent Power said in a statement. Total income rose to Rs 6,671.25 crore in the reporting quarter from Rs 6,419.65 crore in the same period a year ago. The board also approved an interim dividend for 2024-25 of Rs 14 per equity share (or at the rate of 140 per cent) on 50,39,03,543 equity shares of Rs 10 each. The dividend will be remitted on or before March 06, 2025 to equity shareholders of the Company. The record date for the dividend is Wednesday, February 12, 2025. The company stated that the major reasons for higher profit is increase in contribution from gas-based power plants and gain on sale of non-curre