Torrent Power posted consolidated net income of Rs 398.10 billion on Thursday in the January-March quarter thanks to improved sales. The company posted a consolidated net loss of Rs 273.94 billion for the quarter ended March 31, 2020, according to a BSE announcement.
The company’s total income increased to Rs 3,116.54 billion for the quarter from Rs 3,020.84 billion a year ago. The company’s consolidated net income increased from Rs 1,178.88 billion in 2019-20 to Rs 1,295.87 billion in 2020-21. The total income in 2020-21 decreased from 13,818.22 crore in 2019-20 to 12,314.47 billion rupees.
Samir Mehta, chairman of the company, stated the results: “Despite the impact of the COVID 19 pandemic and significant pressures on the electricity sector, Torrent Power has achieved industry-leading returns in the private sector based on its corporate strategy of continuing to seek out risk-adjusted profitable opportunities, strong execution skills and one Focus on operational excellence.
The board of directors at its meeting on Thursday also recommended a final dividend of Rs 5.50 per share of Rs 10 each. The final dividend, if declared by members at the following AGM, will be paid to members, with withholding tax on or is withdrawn before September 3, 2021.
This final dividend together with the interim dividend of Rs 5.50 per share results in a total dividend of Rs 11.00 per share for the 2020-21 period.
The Board of Directors also approved a proposal to issue non-convertible notes up to Rs 2,000 crore in one or more tranches in a private placement, subject to the approval of members at the subsequent general meeting of the Company.
The Board of Directors approved the appointment of Usha Sangwan as an additional director (Non-Executive Independent) from May 21, 2021 until the start of the next Annual General Meeting and will continue from May 21, 2021 to May 20 for a period of five consecutive years, 2026 (both days included), subject to the approval of the members of the society.
Torrent Power has a total installed generating capacity of 3,879 MW which includes 2,730 MW gas based capacity, 787 MW renewable capacity and 362 MW coal based capacity.
The company sells nearly 14.5 billion units to over 3.71 million customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat. Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.