Shares of Torrent Power skyrocketed on Wednesday after the company posted an 86% year-over-year surge in consolidated net profits at ₹684.6 crore.

What Happened: The company released its Q3FY23 results on Tuesday after market hours. The company's revenue from operations surged 71% YoY in the December quarter to ₹6,443 crore. The company's EBITDA also grew by 53% YoY to ₹1,527 crore. The announcement sent the company’s shares up 10% on Wednesday.

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The energy company attributed the gains to improved performance and contribution from the operations of Union Territory of Dadra and Nagar Haveli and Daman and Diu, an increase in contribution from franchised distribution business due to a reduction in T&D losses, and net gain from LNG trading.

The company also announced an interim dividend of ₹22 per share. The dividend also includes a special dividend of ₹13. The record date for the dividend is set for Feb. 22. 

Dividend payments will be made by March 9.

Price Action: Torrent Power shares slumped 0.56% to ₹501.70 at market open on Thursday.

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