Torrent Power surges 9%, hits 52-week high after June quarter result

Shares of Torrent Power rallied 9 per cent to hit a 52-week high of Rs 357.50 on the BSE on Friday after the company posted a 35.3 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 372.66 crore against Rs 275.27 crore in the corresponding quarter of the previous fiscal.

Revenue from operations, however, stood at Rs 3,007.05 crore, down 19.5 per cent against Rs 3,736.13 crore in the June 2019 quarter. “Revenue from operations for the current quarter included Rs 250.62 crore on account of a favourable order received from the Appellate Tribunal for Electricity in respect of disputed revenue gap related to carrying costs of earlier years,” the company said in its press release.

Total income during the quarter declined 19.7 per cent to Rs 3,041.72 crore.