Major integrated power utility company Torrent Power saw a significant increase in share price on Wednesday during trading after the company revealed its strong June quarter financial results.
The firm said on Tuesday that its consolidated net profit has increased significantly by 87% to Rs 996.34 crore. The growth was driven by increased contributions from merchant power sales at gas-based power facilities and an increase in revenue from licensed distribution companies.
The quarter’s revenue rocketed up to Rs 9,034 crore, up 23% over the previous quarter’s Rs 7,328 crore.
Torrent Power shares surged 14% in early trade after this impressive result, hitting a new all-time high of Rs 1,848 per share. Over the previous 17 months, the company has been in a strong upward direction, generating significant investor attention with a spectacular 290% rise driven by bigger order wins and better fundamentals.
As of 11:04 am, Torrent Power shares were trading 14.29 % higher at Rs 1,830.05.
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