Torrent Power is having a fantastic day today. The stock opened 3% higher at Rs.313 and went on to an intraday high at Rs.328.80, a surge of over 8% and very close to its 52-week high of Rs.330.60.

The market is happy with its Q3FY20 performance. Despite a 5% (YoY) drop in revenue from operations at Rs.3079 crore, the company ended the quarter with a  75% jump in net profit at Rs.416 crore.

Its power purchase cost went down almost 17% to Rs.1793 crore but what really boosted the bottomline is the MAT credit of Rs.108 crore.

The contribution from gas-based power plants increased due to operationalisation of long term PPA for 278 MWs capacity from Q2 19-20 & higher merchant power sales. Improvement in performance of licensed & franchised distribution businesses was also seen, primarily driven by growth & reduction in T&D losses.