Gujarat-based power company Torrent Power’s total comprehensive income jumped by 142% year-over-year (YoY)in the fourth quarter (Q4) of the financial year (FY) 2025 to ₹10.85 billion (~$127.12 million) from ₹4.48 billion (~$52.48 million).

Torrent attributed the growth to an increased contribution from gas-based power projects and licensed and franchised distribution businesses. Its tax expenses also decreased, leading to an increase in total comprehensive income.

In its earnings call, the company said that the contribution from the distribution business improved by ₹1.12 billion (~$13.12 million) due to higher volumes, increased return on equity, capitalization of capital expenditure, solar, and other incentives.

Renewable energy projects experienced a low plant load factor (PLF) due to inclement weather conditions and partial commissioning of solar projects.

Solar power generation increased by ₹430 million (~$5.03 million) but was partly offset by lower PLF for wind power projects, with a negative impact of ₹300 million (~$3.5 million). Renewables made a net positive impact of ₹130 million (~$1.5 million) in Q4 FY25.

Revenue from operations dropped by 1% YoY to ₹64.56 billion (~$756.4 million) in Q4 FY25 from ₹65.29 billion (~$764.95 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 3% to ₹12.45 billion (~$145.86 million) in Q4 FY25 from ₹12.06 billion (~$141.29 million) in Q4 FY24.

FY 2025 Results

Torrent Power’s total comprehensive income jumped by 63% YoY in FY25 to ₹30.59 billion (~$358.4 million) from ₹18.82 billion (~$220.5 million).

Revenue from operations of ₹291.65 billion (~$3.41 billion) in FY25, a 7% increase from ₹271.83 billion (~$3.18 billion) in the previous year.

Torrent Power’s EBITDA was ₹57.95 billion (~$678.95 million), an 18% YoY growth from ₹49.04 billion (~$574.56 million).

The company raised ₹35 billion (~$410.07 million) through its maiden qualified institutional placement.

It entered an energy storage facility agreement with Maharashtra State Electricity Distribution for supplying 2,000 MW/16,000 MWh pumped hydro storage power (PSP) projects for 40 years.

In FY25, Torrent Power’s distribution business achieved one of the lowest distribution losses in the country of 2.34%.

In its franchised distribution areas, Agra’s aggregate technical and commercial loss dropped to 6.94% compared to 58.77% when it took over operations in 2010.

The company has 3 GW of renewable energy projects and 3 GW of PSP projects under construction.

Torrent has an operational solar capacity of 825 MW, and 1,494 MW is under development. It has an operational wind capacity of 921 MW, and 1,660 MW is under development.

It has ~8.4 GW of PSP projects across Uttar Pradesh and Maharashtra in the pipeline, and 2 GW is tied up with Maharashtra.

It was also awarded 18 KTPA capacity under the production-linked incentive program for green hydrogen production.

It has 355 km of 400 kV double-circuit and 128 km of 220 kV double-circuit transmission lines.

Torrent Power Generation was awarded a transmission project to evacuate power from a 4.5 GW renewable energy project in Khavda, Gujarat, for 35 years.

It was also awarded the Solapur Transmission project for the evacuation of 1,500 MW of renewable energy.

In Q3 FY25, Torrent recorded a profit after tax (PAT) of ₹4.89 billion (~$55.9 million), a YoY increase of 31% from ₹3.74 billion (~$42.8 million). The increase in PAT was primarily due to cold weather conditions, which increased power demand. There was a one-time gain in cable sales of about ₹770 million (~$8.8 million).