Torrent Power reported a 8.5 per cent decline in consolidated net profit for the second quarter of FY2024-25, the company stated in a filing with stock exchanges, Wednesday.
Compared with ₹542.5 crore profit reported during last year, the Ahmedabad-based company reported a profit of ₹496 crore for the July-September period. “The major reasons for lower PAT are: increase in contribution from licensed distribution businesses offset by; lower contribution from thermal generation mainly on account of reduced sale of merchant power (including sale of LNG) due to lower electricity demand in the current quarter on account of extended and heavy monsoon against comparable quarter last year; lower contribution from renewable businesses due to lower PLF on account of inclement weather conditions and partial commissioning of solar project under stabilisation period; increase in Finance & Depreciation costs due to capex and commissioning of additional renewable generation capacity,” the company stated.
Torrent Power’s revenue from operations rose 3 per cent to ₹7,176 crore in the second quarter (₹6,961 crore). Its expenses also rose 4.5 per cent to ₹6,612 crore during the second quarter of the current fiscal.