Torrent Power announces results for 6 months ended March 31

Ahmedabad, May 29 (UNI) Power major Torrent Power Limited, engaged in generation, transmission and distribution business, today announced its financial results for six months ended March 31.

Torrent Power Limited is the company of Torrent Group which has emerged out of amalgamation of Torrent Power AEC Limited, Torrent Power SEC Limited and Torrent Power Generation Limited.

During the period under review, the net sales from combined operations in generation, transmission and distribution for the period stood at Rs 1,389.70 crore and total income at Rs 1,432.85 crore as compared to Rs 3,783.10 crore and Rs 3,939.50 crore for 18 months ended September 30, 2006, respectively.

The company distributed 3,582 million units of power in 6 months as compared to 10,110 million units in 2005-06, showing a growth of 9.2 per cent.

While the PBT for the period was Rs 129.68 crore, the PAT for the period was Rs 71.76 crore as compared to the PBT of Rs 360.30 crore and PAT of Rs 179.27 crore respectively in the previous period.

Torrent Power Limited declared an interim dividend of 4 per cent per share in March this year, which resulted in cash outflow of Rs 18.90 crore and the Corporate Dividend Tax thereon of Rs 2.65 crore as compared to the dividend of 12 per cent declared for 18 months period in 2005-06. Directors have decided to not to recommend any further dividend and make the interim dividend as the final one.

The company took-over the operations at Bhiwandi in Maharashtra as a distribution franchisee from January 26 this year. This added 1.43 lakh consumers to the company's customer base.

Bhiwandi is estimated to have unrestricted demand of 700 mega watt of power. The company incurred loss of Rs 13.10 crore for its Bhiwandi operation during the period from January 26 to March 31.

The company hopes to improve the operations substantially and bring down T&D loss in the coming year.

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