Malik has tendered his resignation from the post of CFO and whole time key managerial personnel of the company, due to health reasons.

Further, the company's board has approved the appointment of Saurabh Mashruwala as the new CFO and whole-time key managerial personnel of the company, effective from 14 April 2023.

Mashruwala has over 33 years of varied experience in the field of corporate finance, treasury, accounting, corporate restructuring, mergers, takeovers, tax planning & execution, budgeting, corporate governance, risk management, regulatory and compliances etc.

He has been associated with Torrent Power since January 2009. He is currently the vice president of finance at Torrent Power. In the past he has worked in various leadership roles with Adani Power and The Arvind Mills.

Separately, Torrent Power said that it has signed a share subscription and shareholders agreement (SSSA) with Automotive Axles (Automotive) and Torrent Saurya Urja 3 (TSU3PL) for offtaking solar power electricity generated from the project of TSU3PL to the production unit of Automotive situated at Mysore, Karnataka.

The company is holding 50,000 equity shares, aggregating to Rs 5 lakh ordinary equity share capital of TSU3PL. TSU3PL is a wholly owned subsidiary of the company before execution of SSSA.

The equity shares of TSU3PL will be issued at face value of Rs 10 each to Torrent Power and Automotive under ordinary equity shares and Class - A equity shares, respectively.

The company and Automotive shall subscribe in the aforesaid class of shares and pay 100% of the subscription amount in one or more tranches on or before commercial operation date (COD).

Torrent Power is engaged in the business of generation, transmission and distribution of electricity.

The company's consolidated net profit jumped 86% to Rs 684.60 crore in Q3 FY23 as compared with Rs 368.08 crore in Q3 FY22. Net sales surged 71% to Rs 6,442.79 crore in Q3 FY23 as against Rs 3,767.43 crore in corresponding quarter last year.

Shares of Torrent Power gained 0.70% to end at Rs 539.15 on Thursday, 13 April 2023.

The domestic stock market is shut today, 14 April 2023, on account of Dr. Baba Saheb Ambedkar Jayanti.