Torrent Power Limited on Thursday posted standalone net profit of ₹415 crore on total income from operations at ₹2,994 crore for the quarter ended March 31.
Company had posted standalone net loss of ₹222 crore for the corresponding quarter a year ago. Total income from operations was ₹2,931 crore for the quarter last year.
On consolidated basis, company registered net profit of ₹398 crore for the quarter on total income from operations at ₹3,084 crore. The company had posted consolidated net loss of ₹291 crore for the corresponding quarter last year.
Torrent Power chairman, Samir Mehta said, "Despite the impact of COVID 19 pandemic and 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. With our strong balance sheet, the Company will continue to pursue profitable growth opportunities across the entire value chain of the Power sector."
Post lockdown and subsequent disruption, economic revival has resulted in an increase in demand for electricity in all of Torrent’s distribution areas and demand in Q4 of FY 21 has exceeded demand in comparable quarter of last year, a company statement said.
Torrent had announced an interim dividend for FY 2020-21 of ₹ 5.50 per equity share, which was paid in March 21.
The Board has recommended final dividend of ₹5.50 per equity share for FY 2020-21, which works out to total dividend of ₹11.00 per equity share for the FY 2020-21.