Torrent Power Reports Rs 652 Crore Net Profit for Q4
Torrent Power announced 15 percent growth in EBITDA to Rs 864 crore during last quarter compared to Rs 750 crore during Q42019. As the company announced the results during trading hours, the stock jumped nearly 6 percent during the session. Torrent Power reported consolidated net profit of Rs 652 crore and nearly 2 percent increase in sales during fourth quarter.
Many Indian companies have reported stronger than expected quarterly numbers. The impact of COVID-19 lockdowns will be mainly witnessed in the first quarter 2020 results as lockdowns were announced by 20 March in India. Many companies in FMCG sector are expected to report stronger sales during lockdown.
During the year, Torrent Power improved its power generation capacity from 3,703 MW to 3,879 MW. The company has added the new generation capacity in renewable energy segment. Torrent Power informed that the capital expenditure will go as planned for new projects. The company is planning to raise Rs 2,000 crore by issuing non-convertible debentures via private placement. The company will seek shareholders approval during the upcoming Annual General Meeting.
Talking about performance of the company, Torrent Power Chairman Samir Mehta said, "Despite the significant stress in the power sector, torrent power continued to deliver industry leading returns in the private sector on account of the company's strategy to pursue risk-adjusted profitable opportunities, strong execution capabilities and focus on operational excellence.”