Torrent Power Ltd. sold shares of its multiple subsidiaries to one of its wholly owned arms— Torrent Green Energy Pvt. Ltd—for a cash consideration of Rs 467.41 crore.
The company sold the shares of Torrent Saurya Urja 2 Pvt. Ltd. and Visual Percept Solar Projects Pvt. Ltd. for an amount of Rs 5 lakh and Rs 162.62 crore, respectively, according to an exchange filing on Thursday.
Meanwhile, the energy and power distributor offloaded shares of Surya Vidyut Ltd. and Torrent Urja 27 Pvt. Ltd. for a cash consideration of Rs 304.73 crore and Rs 1 lakh, respectively.
Torrent Power's total consolidated revenue for the previous financial year amounted to Rs 27,183.21 crore, while its consolidated net worth, including non-controlling interest, stood at Rs 12,597.50 crore, the filing said.
The power distributor's net profit surged to Rs 475.7 crore, representing a 32.2% rise for the third quarter of the current fiscal 2025 as compared to Rs 359.8 crore for the same period last year.
Its revenue rose by 2.1% to Rs 6,499.4 crore for the quarter under review from Rs 6,366.1 crore for the year-ago period.
Shares of Torrent Power closed 0.14% higher at Rs 1,501.95 apiece on the National Stock Exchange before the announcement, compared to a 0.45% rise in the benchmark Nifty. The stock has risen 5.77% in the last 12 months but rose 1.08% on a year-to-date basis.
Out of 10 analysts tracking the company, four have a 'buy' rating, two recommend 'hold' and four suggest a 'sell' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 7.9%.
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