Torrent Power Ltd on Monday announced standalone net loss of ₹222 crore for the fourth quarter ended March 2020, as against the net profit of ₹27 crore in the corresponding quarter last year.
Company has registered standalone revenues of ₹2,931 crore for the quarter under review, as against ₹2,839 crore in the same quarter last year.
Torrent Power has attributed the quarterly loss to one-off impairment assessment of 1,200-MW DGEN Mega Power Project located at Dahej in South Gujarat. “Based on such assessment, the company has provided for impairment loss of ₹1,000 crore, which has been disclosed as an ‘Exceptional item’ in the standalone financial results,” a note on results said.
Company posted standalone net profit for 2019-20 at ₹1,209 crore as against ₹889 crore in the previous year. Total standalone revenue from operations stood at ₹13,442 crore as against ₹12,978 crore.
On consolidated basis, its net loss for the fourth quarter ended March 2020, stood at ₹274 crore, as against ₹25 crore in the same quarter last year. Consolidated revenue from operations stood at ₹2,983 crore for the quarter as against ₹2,925 crore in the corresponding quarter last year.
Full year profit
Consolidated profit for the fiscal 2019-20 stood at ₹1,179 crore as against ₹904 crore in the previous year. Company’s consolidated revenue from operations stood at ₹13,641 crore, as against ₹13,151 crore in the previous year.
Company stated that “The board has not considered any further dividend for fiscal 2019-20. The interim dividend of around ₹11.60 (including ₹5 as special dividend) declared by the board at its meeting held on February 12shall be considered as final dividend for fiscal 2020.”
Torrent Power shares ended lower at ₹296 down by 2.82 per cent on NSE Monday.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.