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Torrent Power engaged in power generation and distribution has registered 92% jump in its consolidated PAT for the quarter ended Dec 2017 to Rs 205.98 crore. Sharp jump in PAT for the quarter was largely due to good operating performance which was backed by lower interest and depreciation cost. Sales that was higher by 18% to Rs 2754.64 crore together with 360 bps expansion in operating profit margin to 28.8% has facilitated 35% growth in operating profit to Rs 793.98 crore. However other income though stood lower by 15% to Rs 44.30 crore, the interest and depreciation cost as proportion to OP was down at 27% and 34.1% respectively from 44.6% and 43.4% in corresponding previous period, the PBT jumped by whopping 189% to Rs 353.38 crore. As taxation stand higher by 887% to Rs 147.40 crore, the growth at PAT moderated and stood at 92% to Rs 205.98 crore.
Eventually the total comprehensive income attributable to owners jumped by 98% to Rs 206.50 crore with profit attributable to non controlling interest stand higher by 119% to Rs 1.05 crore and other comprehensive income stand higher at Rs 1.57 crore with a swing of Rs 4.13 crore.
Major reasons for strong jump in profit for quarter ended Dec 2017 compared to corresponding previous quarter was 1) reduction in interest rate of long term borrowing; 2) higher contribution from regulated distribution business; and 3) improvement in AT&C loss of distribution franchise business.
AT&C loss of distribution franchise business at Agra and Bhiwandi has declined to 17.78% and 12.67% respectively in Q3FY18 compared to 21.34% and 20.21% in corresponding previous period.
- Generation for the quarter was up by 20% to 1988 million units largely driven by higher generation from Sugen. Generation of Sugen was up by 35% to 1495 MU but that of AMGEN was down by 12% to 493 MU.
- Operating profit margin expanded by 360 bps to 28.8% and that is largely due to sharp fall in electricity purchased as well as lower staff and other expenses. Electricity purchased as proportion to sales was down by 370 bps to 30.3%, the staff cost was down by 20 bps to 3.9% and other expense was down by 130 bps to 7.45. However the fuel cost was up by 160 bps to 27.6% and that of material cost was up by 10 bps to 2.1%.
Nine month performance
Consolidated sales were higher by 15% to Rs 8728.72 crore and with OPM expand by 460 bps to 27.8%, the OP leaped by 38% to Rs 2468.87 crore. Aided further by higher other income, lower interest and depreciation cost as % of operating profit the PBT jumped up by 195% to Rs 1125.77 crore. But with tax rate stand higher the growth at PAT restricted to 149% to Rs 730.87 crore.
The non-controlling interest was a share of profit of Rs 5.51 crore compared to a share of profit of mere Rs 0.49 crore in corresponding previous period. Thus the PAT attributable to owners was up by 147% to Rs 725.36 crore. The other comprehensive income was Rs 4.08 crore compared to an expense of Rs 11.05 crore in the corresponding previous period. Thus the total comprehensive income attributable to owners was up by 159% to Rs 729.44 crore.
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