![]() ![]() ![]() The growth was driven by elimination of COVID impact and consequence normalization of industrial and commercial activities. And also as compared to Q2 FY ’20, that’s the pre-COVID level. Demand during quarter two FY ’23 has increased by 5% as compared to corresponding quarter of the last year. Distribution business witnessed a marked improvement in the overall demand and surpassed the pre-COVID level last quarter two FY ’20. Now moving on to operational performance of the company. This was all about the financial performance of the company during the quarter. Moving on, after-tax numbers, consolidated profit after tax reported for the quarter is INR485 crores as compared to PAT of INR367 crores reported in corresponding quarter last year, which is higher by INR118 crores, which is contributing to 32%. Increase in finance cost of INR34 crores, which is mainly due to increase in the average borrowing by approximately INR2,000 crores other miscellaneous gains of INR14 crores, mainly coming from increased contribution from coal-based plants and other miscellaneous gains. Therefore, in total, profitability of renewable power plants reduced by INR23 crores. This was partly offset by profit booked on account of acquisitions consummated during last two quarters amounting to INR9 crores. On the other hand, renewable business of the company witnessed a decrease in PBT, mainly on account of lower PLF in its wind project amounting to INR32 crores. Moving on to performance of distribution business, pursuant to restoration of industrial demand, which was impacted last year due to COVID-19 pandemic, there was a marked improvement in overall contribution from the distribution business by INR90 crores, major factors of which are as under: one, gain on account of reduction in T&D losses of INR51 crores volume and rate gain from franchisee business of INR14 crores and higher ROE and incentives in licensed distribution of INR25 crores. Therefore, in total, including above major factors, profitability of the gas-based power plants improved by INR194 crores. Second is gain of INR40 crores on account of lower depreciation charge in DGEN on account of onetime impairment charges taken in quarter four for FY ’22 and reduction in depreciation rate in SUGEN. This, as discussed in the earlier call, with elevated LNG prices, it makes commercial sense to sell LNG instead of converting it into electricity. The improvement in the operating profit is mainly coming from: one, improvement in profitability of gas-based power plants, mainly on account of two factors: a, first is net gain of INR155 crores coming from sale of LNG. I will now take you through key highlights on improvements in the PBT by INR240 crores for the current quarter. There are no nonrecurring items in both the current quarter and corresponding quarter of the last year. Reported PBT for the quarter stood at INR725 crores as compared to INR485 crores in the corresponding quarter last year, with an increase of INR240 crores, that’s 49% on the reported basis. ![]() We’ll explain the performance of the company at PBT level first, and we’ll take tax expense separately thereafter. First, I’ll take you through the performance of the quarter, after which phone lines will be opened for question-and-answer session. Good morning to all of you and thank you for joining earnings call of Torrent Power for quarter two FY ’23. Welcome to the Torrent Power Limited Q2 FY ’23 Earnings Conference Call. Swati Jhunjhunwala - VT Capital Market Private Limited - Analyst Presentation: Analystĭhruv Muchhal - HDFC Mutual Fund - Analyst Sheen George - Geojit Financial Services Limited - Analyst AnalystĪmit Bhinde - Morgan Stanley India Company Pvt Ltd - Analyst ![]() Nikhil Abhyankar - DAM Capital Advisors Ltd. Saurabh Mashruwala - Vice President, Finance Analysts: Torrent Power Limited ( NSE:TORNTPOWER) Q2 FY23 Earnings Concall dated Nov. ![]()
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