Shares of Torrent Power rose 18% after the company reported strong numbers in its Q1 results.
What Happened: Torrent Power recorded a 87% year-on-year increase in net profit to ₹996 crore for the June quarter, up from ₹532 crore in the previous year. Its revenue from operations gained 23% to ₹9,034 crore from ₹7,328 crore in the corresponding quarter in the previous year.
The company attributed the increase in net profit to an uptick in contribution from merchant power sales in gas-based power plants and the revenue growth in its licensed distribution businesses. Though higher tax expenses were a slight drag.
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Torrent's tax expenses increased to ₹318 crore from ₹179 crore in the previous year.
The company's aggregate installed generation capacity reached 4,415 megawatt peak which has 2,730 megawatts of gas-based capacity, 1,323 megawatt peak of renewable capacity and 362 megawatts of coal-based capacity.
The company’s total generation capacity of the company, which includes several projects in development, is 7,492 megawatt peak.
Price Action: Shares of Torrent Power rose 18.52% intraday to all-time high of ₹1,898 on Wednesday morning.
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