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Home >> Markets >> Equities >> News - News Details
Results - Analysis
08-Nov-2018     19:42
Torrent Power
Torrent Power engaged in power generation and distribution has registered 18% growth in sales for the quarter ended Sep 2018 to Rs 3444.54 crore. With operating profit margin contract by 20 bps to 28.6%, the operating profit was up by 18% to Rs 986.86 crore largely due to higher sales. Other income though stood lower, the interest and depreciation as a proportion to operating profit stood lower and thus the PBT was up by 17% to Rs 501.87 crore. The PAT was up by 29% to Rs 413.52 crore as the taxation stand lower. Eventually the net profit (total comprehensive income) was up by 28% to Rs 411.18 crore after accounting for lower minority interest and Rs 5.42 crore swing in other comprehensive expenses to Rs 1.00 crore.
  • Marginal contraction in operating profit margin for the quarter to 28.6% (from 28.8%) was largely due to sharp rise in fuel and material cost. Fuel cost as proportion to sales was up by 380 bps to 31.1%. The material cost was up by 30 bps to 2.2%. But the cost of electricity purchased was down by 230 bps to 28.5% and that of staff cost and OE was down by 80 bps and 90 bps respectively to 3.2% and 6.3%.
  • According to the press release of the company, the net increase in total comprehensive income for the quarter ended Sep 2018 was due to 1) Reduction in T&D loss of regulated & franchised distribution businesses; 2) improved sales volumes and contribution rates in distribution businesses; 3)increased capacity and higher generation due to better wind conditions in Q2 of Wind power projects; 4) recognition of regulatory gap balance on accrual basis effective from April 1, 2018 (due to change in accounting policy in compliance with new accounting standard IND-AS 115 revenue from contract with customers) and 5) increase in finance and depreciation cost and decrease in other income due to one off item in comparative quarter.

Half yearly performance

Consolidated sale was up by 17% to Rs 6972.67 crore. But with OPM contract by 230 bps to 25.1%, the growth at operating profit was restricted at 7% to Rs 1753.27 crore. The PBT was up by 2% to Rs 789.55 crore after accounting for lower OI and higher interest and depreciation cost. With taxation stand lower by 40% to Rs 148.71 crore, the PAT was up by 22% to Rs 640.84 crore. Eventually the total comprehensive income was up by 22% to Rs 638.34 crore with minority interest and other comprehensive income stand lower by 37% and 88% respectively to Rs 2.81 crore and Rs 0.31 crore.

Other developments

Indian Accounting Standard (lnd AS) 115 Revenue from Contracts with Customers, replaces, inter alia, the existing Ind AS 18 Revenue and is mandatory for reporting periods beginning on and after 1st April, 2018. The application of lnd AS 115 has impacted the Group's policy with respect to revenue recognition of licensed electricity distribution business. The Group has applied the Modified Retrospective Approach for transition adjustments. Due to the application of lnd AS 115, retained earnings as at 1st April, 2018 are higher by Rs 647.12 Crore, while Revenue from Operations and Profit for the quarter ended & six months ended 30th September 2018, are higher by Rs 73.54 crore & Rs 130.33 crore respectively.

Torrent Power : Consolidated Results

 
1809 (3)1709 (3)Var. (%)1809 (6)1709 (6)Var. (%)1803 (12)1703 (12)Var.(%)
Sales3444.542909.26186972.675953.201711512.0910000.1015
OPM (%)28.628.825.127.427.124.6
OP986.86837.68181753.271632.8973117.132460.3027
Other income44.1285.02-4896.41120.49-20263.55190.8838
PBIDT1030.98922.70121849.681753.3853380.682651.1828
Interest224.73213.125453.97423.217848.191057.98-20
PBDT806.25709.58141395.711330.1752532.491593.2059
Depreciation304.38280.089606.16557.7891131.501005.8612
PBT 501.87429.5017789.55772.3921400.99587.34139
Regulatory Income (RI)0.000.000.000.000.000.00
PBT After RI before EO501.87429.5017789.55772.3921400.99587.34139
EO Income0.000.000.000.000.000.00
PBT after RI501.87429.5017789.55772.3921400.99587.34139
Tax88.35107.85-18148.71247.50-40448.87157.55185
PAT413.52321.6529640.84524.8922952.12429.79122
Non controlling Interest (NCI)1.344.00-672.814.46-379.810.841068
PAT after NCI412.18317.6530638.03520.4323942.31428.95120
Other Comprehensive Income-1.004.42-1230.312.51-8813.34-6.37-309
Total Comprehensive Income attributable to owners of the company411.18322.0728638.34522.9422955.65422.58126
EPS (Rs)*####19.68.9
* EPS on Post issue equity capital of Rs 480.62 crore. Face Value: Rs 10
# EPS is annualised in case of half/ quarter financials
Figures in Rs crore
Source: Capitaline Corporate Database

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