Torrent Power Q1 net up 22 pc at Rs 276.59 cr

Torrent Power on Monday posted about 22 per cent rise in consolidated net profit at Rs 276.59 crore for June quarter compared with year-ago period, mainly on the back of higher revenues. The company's consolidated net profit for June quarter last year was at Rs 227.32 crore, a BSE filing stated.

According to the statement, the company's total income in the quarter rose to Rs 3,790.61 crore from Rs 3,580.42 crore a year ago. Besides the financial results, the shareholders in annual general meeting held on Monday approved a proposal to raise up to Rs 1,500 crore through issuance of non-convertible debentures on private placement basis.

The company had sought shareholders' nod for issuance of NCDs by way of offer or invitation to raise up to Rs 1,500 crore on a private placement basis to qualified institutional buyers, banks other than scheduled commercial banks, companies, corporates, among others. Shareholders also approved a dividend of Rs 5 per equity share for 2018-19.