First Cut- Torrent Power
Rajesh Desai
Dear Sir/Madam,
Torrent Power Ltd announced its Q3 FY13 results on 29th January 2013.
The company has posted a consolidated net profit of Rs 95 Crore for the third quarter ended December 31, 2012 as compared to profit of Rs 212 Crore for the quarter ended December 31, 2011, representing a decrease of 55%. Total income has increased from Rs 1888 Crore for the quarter ended December 31, 2011 to Rs 1905 Crore for the quarter ended December 31, 2012, representing an increase of 0.89%.
EBITDA Margin of the company decreased from 24.60% to 17.63%, registering a decrease of 6.97%.
The decline in PAT is attributed to the fall in gas supply particularly from KG basin has impacted the PLF at the company’s SUGEN Mega power plant.
Reduced supply of power from SUGEN Mega Power Plant to the Company's regulated distribution areas at Ahmedabad and Surat necessitated purchase of short term power at higher price, resulting into an additional impact to the tune of approximately Rs. 100 Crores.
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
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CA. Rajesh Desai