Torrent Power Limited — Updates, 13-11-2024: Press Release

Torrent Power Limited has reported a decline in profit after tax (PAT) to ₹47 crore for the quarter, mainly due to mixed performance across its business segments. The rise in licensed distribution revenue was offset by decreased contributions from thermal generation, attributed to lower merchant power sales due to reduced electricity demand amid prolonged monsoon conditions. Additionally, contributions from renewable energy were hindered by inclement weather and ongoing projects in the stabilization phase. Increased finance and depreciation costs from capital expenditures further impacted earnings.

Revenue from operations increased to ₹7,176 crore for the quarter, reflecting a 3% year-on-year growth, while revenue for the half-year rose by 13% to ₹16,210 crore. EBITDA remained stable at ₹1,332 crore, with a substantial 26% increase in half-year EBITDA to ₹3,266 crore. Total comprehensive income showed a year-on-year decrease of 7% for the quarter but marked a significant 39% rise for the half-year, totaling ₹1,484 crore.

Looking ahead, Torrent Power has secured a Letter of Award for the development and supply of 2,000 MW / 16,000 MWh Pump Storage Hydro power, indicating potential growth avenues. This strategic move, along with its leading position in distribution, places the company in a favorable position in the competitive power sector.