Torrent Power on Thursday posted over six% year-on-year rise in consolidated net profit at Rs 532.28 crore in the June quarter, mainly on the back of higher revenues. The company had reported consolidated net profit of Rs 502.01 crore a year ago, a regulatory filing said. Total income of the company rose to Rs 7,413.32 crore in the quarter under review, from Rs 6,618.62 crore in the same period a year ago.

The board also approved a scheme of arrangement on August 10, 2023 between Torrent Power Ltd and Torrent Green Energy Private Ltd (TGEL), a wholly-owned subsidiary of the company on a going concern basis by way of a slump sale with an appointed date of April 1, 2024.

Upon the scheme becoming effective, a cash consideration of Rs 1,056.97 crore will be paid in one or more tranches, with or without interest within a period of six months from the effective date, subject to the book value adjustments as provided in the scheme, the filing said.

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The scheme does not involve merger or amalgamation. It involves transfer of Renewable Power Undertaking from TPL to TGEL as a going concern, on slump sale basis, it said. For FY 2022-23, the Renewable Power Undertaking contributed Rs 338.06 crore (1.79% of the total income) to the company’s total revenue from operations.

As on June 30, 2023, the Renewable Power Undertaking’s net worth was Rs 1,056.97 crore. The TPL is primarily engaged in the business of electricity generation, transmission and distribution with operations in the states of Gujarat, Maharashtra and Uttar Pradesh.

In addition to thermal and gas-based capacities, the company has set up and is in process of setting up various new solar, wind energy and other forms of green energy power projects. TGEL has been incorporated with the object of inter-alia setting up and operating solar, wind, hybrid, pump hydro storage, green hydrogen and other forms of renewable and green energy projects.

Torrent Power, the Rs 25,694 crore integrated power utility of the Rs 37,600 crore Torrent Group, is one of the largest companies in the country’s power sector with presence across the entire power value chain – generation, transmission and distribution.