Shares of Torrent Power surged 9% to Rs 499 on the BSE in intraday trade on Wednesday after the company posted solid earnings for the December quarter (Q3FY23), with consolidated net profit up 88% YoY (YoY) at Rs 695 crore. The integrated power company posted a profit of Rs 369 crore in the quarter a year ago (Q3FY21).

The board also approved an interim dividend of Rs 22 per share, including a special dividend of Rs 13 per share. The company has set Wednesday, February 22, 2023, as the record date for the interim dividend.

In Q3FY23, Torrent Power’s operating income rose 71% year-on-year to Rs 6,443 crore from Rs 3,767 crore in the same period last year. Ebitda was Rs 1,527 crore, up 53% year-on-year. However, margins for the quarter were 22.40%, down 240 basis points year-over-year.

The company said the year-on-year increase in total consolidated income for the quarter was mainly attributable to higher contribution from the existing franchise business due to improved business performance and contribution from Dadra and Nagar Haveli as well as Daman and Diu, which Has taken over on April 1, 2022.

It added that higher contributions from the concessionaire business also helped boost revenue due to the reduction in transmission and distribution losses due to the ongoing focus on loss mitigation activities.

Torrent Power is one of the country’s largest electricity sector companies, operating across the entire electricity value chain – generation, transmission and distribution.

The company’s total installed capacity of 4,160 MW includes 2,730 MW of natural gas, 1,068 MW of renewable energy and 362 MW of coal. In addition, 736 MW of renewable energy projects are under development.