The shares of Torrent Power Limited opened 8 percent higher on Wednesday at Rs 494.40 levels compared to its previous close of Rs 457. In the early hours of the session, it further gained 2 percent to reach an intraday high of Rs 505.40 levels.
Torrent Power jumped after the company posted its quarterly numbers. In Q3FY23, their revenue from operations stood at Rs 6,443 Crore, an increase of 71 percent YoY from Rs 3,767 Crore. Their consolidated profit after tax in the period stood at Rs 694 Crore which is a jump of 88 percent from Rs 369 Crore in Q3FY22.
The margins increased on the back of an improvement in contribution from existing licensed distribution businesses as well as their franchised distribution business.
Adding to the news, the Board of directors of the company has announced a dividend. They have approved an interim dividend of 220 percent of its face value of Rs 10 amounting to Rs 22 per equity share (including Rs 13 per equity share as a special dividend). The record date for the purpose has been set as Wednesday, February 22nd, 2023.
Torrent Power, part of the Torrent Group, is a leading private-sector Integrated Power Utility with a presence across generation, transmission, and distribution. Its operations are spread across the states of Gujarat, Maharashtra, Uttar Pradesh, and Karnataka.
The company has a market capitalization of Rs 24,009 Crore. The promoters hold a 53.57 percent stake in the company with zero shares pledged while the Life Insurance Corporation of India has a 4.10 percent stake. In addition, the stock has attracted foreign investors as the FIIs hold a 6.73 percent stake in it.
Written by Anoushka Roy
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