Shares of this mid-cap power generation company jumped by more than 10% today!
The company has recently announced its quarterly results.
Upbeat quarterly performance
For the third quarter that concluded on December 31, 2022 (Q3FY23), Torrent Power recorded an increase in net profit of 82.79% to Rs 694.94 crore from Rs 380.18 crore for the same quarter the previous year. In comparison to the same quarter last year, the company's total revenue climbed by 33.28% to Rs 4961.99 crore during the period under review.
On a consolidated basis, the firm recorded an increase of 88% in net profit for the third quarter of FY23, from Rs 369.45 crore to Rs 694.54 crore. In the quarter under review, the company's total revenue climbed by 70.26% to Rs 6526.44 crore from Rs 3833.14 crore in the corresponding period the year prior.
Share price movement of Torrent Power Limited
Scrip opened today at Rs 485.05 and made its day high at Rs 507. The 52-week high of the stock is Rs 609.90, whereas the 52-week low was Rs 416. Promoters hold 53.56%, whereas institutional and non-institutional holdings are 29.51% and 16.94%, respectively. Presently, the market cap of the company is Rs 24,199.06 crore.
One of the top brands in the Indian power industry, Torrent Electricity is marketed by the Torrent Group, which is dedicated to its objective of improving people's lives by meeting two of their most basic needs: power and healthcare. One of the biggest private sector firms in India, it is an integrated power utility with interests in electricity generation, transmission, distribution, and the manufacture and sale of power cables.
When Torrent Power acquired and successfully revived a struggling power cable firm, Mahendra Electricals, rebranding it as "Torrent Cables Ltd.," it did so far ahead of the deregulation of the industry (now merged with Torrent Power Limited w.e.f. 1st April 2014). The purchases of The Surat Electricity Company Ltd and The Ahmedabad Electricity Company Ltd, two of India's oldest utilities, were the high points of Torrent's push into the electricity sector, though. Regarding operational effectiveness and power supply dependability, Torrent elevated them to the status of elite power utilities.
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