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Yes, absolutely. Torque indicated is actually a force measured at the propeller shaft, and it's mainly driven by the resistance the propeller experiences when its blades are moving through the surrounding air. With constant barometric pressure, this resistance is a function of the speed of the blades (which could be expressed in RPM) and their pitch angle. So while on ground, the same combination of pitch and power setting will always result in the same torque. Now let's take off and start climbing - you keep power and pitch commanded the same way all the time, but what changes is the barometric pressure of the surrounding air: it gets "thinner", creating less drag on the propeller blades and thus resulting in a lower indicated torque (and also in a lower propulsion power of the engine, as the mass of the airflow becomes smaller). To counter this effect, you actually can adjust your power settings during climb (in some aircrafts you actually have to do this, but stay within the engine's operating limits!). This is btw. also the reason why it's so important to disengage the CTOT system after take off: CTOT (constant torque on take-off) is a system that will adjust the commanded power to keep the preselected torque. If you keep it engaged during climb, it will command more and more power to compensate for the altitude-driven torque drop, until the engine catches fire or fails otherwise.