TPL net sales at Rs 3783 cr, declared 12% dividend

Ahmedabad, Nov 8 (UNI) Torrent Power Limited has posted a net sales, from combined operations in generation, transmission and distribution, at Rs 3783.10 crore for the 18-month period ended September 30.

The total income was Rs 3939.50 crores. The company showed a healthy growth of 12.84 per cent, according to a press release here.

Torrent Power Limited (TPL) is the umbrella company of the newly-amalgamated generation, transmission and distribution businesses of the Torrent Group.

The results are the first audited results for Torrent Power Limited after merger of Torrent Power AEC Limited (TPAL), Torrent Power SEC limited (TPSL) and Torrent Power Generation Limited (TPGL) with Torrent Power Limited, the release said.

The company had been granted extension of its current accounting year by six months and hence, the financial results are for a period of 18 months -- from April 1, 2005 to September 30, 2006. The results have been declared after giving effect to the Composite Scheme of Arrangement including Amalgamation between TPAL, TPSL and TPGL with Torrent Power Limited.

The profit before tax for the period was Rs 360.30 crore, and the company has declared the profit after tax at Rs 179.27 crore. This is despite the recent floods in Surat city which affected the company's bottomline, due to complete submergence of transformers and sub-stations and temporary breakdown of the power network, the release said.

Torrent Power has declared a dividend of 12 per cent per share.

Considering the expanded capital base of Torrent Power Limited, the dividend outflow would be Rs 56.69 crore which is 1.69 times in aggregate on annualised basis compared to Rs 18.98 crore given by TPAL and Rs 3.35 crore given by TPSL in FY 2004-05, the release added.

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