Torrent Power shares drop 6% even after positive Q3 results across parameters

Shares of Torrent Power Ltd.are trading over 5% lower even as its third quarter earnings were positive across parameters.

The company's revenue increased 35.2% to ₹643 crore from ₹475.6 crore in the previous year.

Its revenue was up 4.3% at ₹6,777.8 crore compared to ₹6,499 crore in the third quarter of the previous year.

Torrent Power's earnings before interest, tax, depreciation and amortisation (EBITDA) increased 26.2% to ₹1,403 crore from ₹1,111.9 crore in the previous fiscal.

Its margin expanded to 20.7% from 17.1% in the year-ago period.

The results were aided by:

• Increase in contribution from gas-based power plants.


• Improvement in licensed and franchised distribution businesses.


• Improved operational performance for the renewable energy segment.

Torrent Power's operational capacity is estimated to grow from 5 GWp to 10.6 GWp.

Torrent Power shares declined 5.8% to hit an intraday low of ₹1,397.7 apiece. The stock was down 5% at ₹1,408.5 apiece around 10.35 am on Wednesday. It has gained 9.8% in the past year.

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