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| Exchange Disseminated Time | Torrent Power Ltd has announced the following results for the quarter ended December 31, 2015:
The Unaudited Standalone results for the Quarter ended December 31, 2015
The Company has posted a net profit of Rs. 3570.90 million for the quarter ended December 31, 2015 where as the same was at Rs. 2353.40 million for the quarter ended December 31, 2014. Total Income is Rs. 30613.20 million for the quarter ended December 31, 2015 where as the same was at Rs. 25726.40 million for the quarter ended December 31, 2014.
The Consolidated Results are as follows:
The Unaudited Consolidated results for the Quarter ended December 31, 2015
The Group has posted a net profit after tax, minority interest and share of profit of associates of Rs. 3720.10 million for the quarter ended December 31, 2015 where as the same was at Rs. 687.70 million for the quarter ended December 31, 2014. Total Income is Rs. 30755.50 million for the quarter ended December 31, 2015 where as the same was at Rs. 26179.10 million for the quarter ended December 31, 2014.
- The Honourable High Court of Gujarat vide its Order dated August 13, 2015, has sanctioned the Composite Scheme of Amalgamation of Torrent Energy Limited (TEL) and Torrent Cables Limited (TCL) with Torrent Power Limited (TPL) and their respective shareholders and creditors ("Scheme") under Sections 391 to 394 and other applicable provisions of the Companies Act, 1956 ("the Act') with effect from Appointed Date of April 01, 2014. In compliance with the provisions of the Companies Act, the certified copy of the Order sanctioning the Scheme has been filed with Registrar of Companies (Gujarat) on October 01, 2015. Accordingly, the Scheme has become operational on October 01, 2015 with effect from April 01, 2014, being the Appointed Date.
The Scheme has accordingly been given effect to in the financial statement with effect from Appointed Date. All the assets and liabilities, including reserves, of the TEL and TCL have been transferred to the Company at the book value as recorded in books of transferor companies. The Company has followed Pooling of Interest Method of accounting as per the accounting standard 14 "Accounting for Amalgamations" as notified under section 211(3C) of the Companies Act, 1956 and as per Scheme approved by the Honourable High Court of Gujarat. The figures for the quarter ended December 31, 2015, quarter ended September 30, 2015 & nine months ended December 31, 2015 are after giving effect to the said amalgamation in the books of accounts, while the figures for the corresponding periods & previous year ended on March 31, 2015 are before giving effect to the said amalgamation in the books of accounts. Hence, the figures for the corresponding periods & previous year are not comparable with the figures of the current periods. |
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