Torrent Power turns "off"
Torrent Power stays stuck to the ‘top loser’ position on the BSE currently. Intra day, it fell over 17.5% to Rs.187.20 and is now 16% down at Rs.191 levels. The color on the counter remains a deep red.
The performance of the company for Q4FY16 was a complete disappointment. It posted a shocking 86% (YoY) drop in consolidated net profit at Rs.26 crore on a 4% drop in net income at Rs.2440 crore. Other income dropped 70% to Rs.46 crore and total costs were up 4%, led by a 52% jump in fuel cost, 28% rise in employee costs and 6% rise in depreciation. EBITDA slumped down 28% to Rs.499 crore and margins fell from 26.6% to 20.1%.
The company ended FY16 with a 12% rise in consolidated net sales and a whopping 140% rise in net profit at Rs.866 crore. Interest outgo for the year was at Rs.1134 crore and borrowings as at 31st March 2016 stands at Rs.8244 crore. Cash has come down from Rs.1770 crore to Rs.780 crore.