Torrent Power closes 4% up after robust September quarter results

Shares of Torrent Power spiked 9 per cent in trade on Thursday after the company reported consolidated net profit of Rs 246.27 crore for the quarter ended September 30.

The company had posted a net profit of Rs 23.73 crore in the same period a year ago.

The stock ended the day 3.85 per cent up after hitting an intraday high of Rs 199.80, up 8.97 per cent, on the Bombay Stock Exchange (BSE).

The financial performance between the two corresponding period "are not comparable" as the company is in the process of amalgamation of Torrent Energy Limited (TEL) and Torrent Cables Limited (TCL) with Torrent Power Limited (TPL), which was approved by Gujarat High Court in August.

The total income from operations of the company during the reported period was Rs 3,106.27 crore.

Torrent Power had posted total income of Rs 2701.04 crore a year ago.

(With inputs from PTI)