Torrent Power clears Rs 2,000 crore NCD via private placement

NEW DELHI: The board of

Torrent Power

on Thursday approved a proposal for issuance of non-convertible debentures up to Rs 2,000 crore in one or more tranches by way of private placement, subject to approval at the forthcoming annual general meeting.


The company posted a consolidated net profit of Rs 398 crore in the January-March quarter against a consolidated net loss of Rs 273.9 crore in the corresponding period of 2019-20.

The company board recommended a final dividend of Rs 5.50 per equity share of Rs 10 each. The final dividend, together with interim dividend of Rs 5.50 per equity share, works out to a total dividend of Rs 11 per equity share for 2020-21.

The final dividend will be paid, subject to deduction of tax at source and clearance by shareholders at the

AGM

, in or before September 3.

The company’s total income rose to more than Rs 3,116 crore in the quarter under review from Rs 3,020.8 crore in the previous corresponding period.

Consolidated net profit rose to Rs 1,295.8 crore in 2020-21 from Rs 1,178.8 crore in 2019-20. Total income in 2020-21 decreased to Rs 12,314.4 crore from Rs 13,818.2 crore in 2019-20.

“Despite the impact of Covid-19 pandemic and significant stress in the power sector, Torrent Power continued to deliver industry-leading returns in the private sector on account of the company’s strategy to pursue risk-adjusted profitable opportunities, strong execution capabilities and focus on operational excellence,” a company statement quoted chairman Samir Mehta as saying.

“With our strong balance sheet, the company will continue to pursue profitable growth opportunities across the entire value chain of the power sector.”