Ahmedabad, Oct 29 (UNI) Torrent Power Limited today announced its unaudited financial results for the second quarter ended September 30.
During the period under review, the net sales from operations for the period stood at Rs. 910.89 crores, registering an increase of nearly 37 per cent over the corresponding period last year, the company said in a release here. Total income for the quarter was Rs 936.79 crores, an increase of 35 per cent as compared to income of Rs. 693.75 crores registered during the same period last year.
While the PBT for the period was Rs. 105.72 crores and the PAT was Rs. 65.51 crores, for the same period last year, PBT and PAT stood at Rs. 66.81 crores and Rs 31.37 crores respectively.
Torrent Power distributed 2,476 million units of power in the quarter, which includes 456 million units distributed in Bhiwandi Circle of Maharashtra.
After taking over the operations in Bhiwandi circle, Torrent Power has started strengthening the T&D network and initiated steps for customer services, metering and improving the collection efficiency. These measures have brought down T&D losses in the Bhiwandi circle to 32.16 per cent and improvement in collection efficiency to 73%. The company incurred a loss of Rs.3.45 crores for its Bhiwandi operations during H1 as compared to the Rs. 13.10 crore loss incurred in the period till March 31 starting from January 26.
Torrent Power is confident of further improvement in performance with its sustained efforts.
Even with one of the lowest T&D losses in the country, currently standing at 9.06 per cent, the company continues to focus on improving system efficiency in all areas of its operations.
Torrent Power is implementing 1130 MW SUGEN gas based Mega Power Project near Surat where the construction is in full swing. The project, using advanced class Gas Turbines is scheduled to be commissioned during 2008-09.