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MUMBAI: Shares of Torrent Power surged 9.2% on Friday after the corporate reported a 35.2% year-on-year rise in consolidated web revenue to ₹373.87 crore for the quarter ended June.
At 0230 pm, Torrent Power shares traded at ₹340.60, up 4% from earlier shut, whereas the benchmark Sensex was down a tad 0.13% to 37,975.31.
Net gross sales declined to ₹3,007.05 crore in Q1 from ₹3736.13 crore within the year-ago interval.
Favourable order relating to disputed carrying price restoration pertaining to earlier years drove the rise in whole revenue. Income additionally rose on account of lower in curiosity price, primarily on account of compensation of loans and discount in rates of interest.
Analysts at Angel Broking, commenting on June quarter numbers, stated, “…EBIT for the quarter stood at ₹1,004 crore up by 13% as compared to ₹888 crore in June quarter as power purchase cost has come down significantly due to lower imported LNG prices. Profit after tax for the quarter stood at ₹368 crore up by 35% as compared to ₹274 Crore in June quarter. Lower imported LNG prices are favourable to Torrent, we expect LNG prices to recover in medium term.”
Torrent Power is an built-in utility engaged within the enterprise of energy technology, transmission and distribution with operations in Gujarat, Maharashtra and Uttar Pradesh. It can be engaged within the enterprise of cables manufacturing with operations in Gujarat.
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