Torrent Power Records 9% YoY Increase in Profit in Q2 2023

The company has an installed capacity of 4,287 MW, including 1,195 MW renewables


Gujarat-based power company Torrent Power posted a total income of ₹5.3 billion (~$63.6 million) for the second quarter (Q2) of the financial year (FY) 2023-24, a year-over-year (YoY) increase of 9% due to an increase in contribution from merchant power sales in gas-based power projects, and contribution from licensed distribution businesses due to improved performance.

The company’s revenue increased by 4% YoY to ₹69.6 billion (~$835.5 million) due to higher contributions from renewable businesses due to capacity addition, higher wind plant load factor, and decreased tax expenses.

Torrent Power’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the July-September quarter grew by 6% YoY to ₹13.3 billion (~$159.6 million).

During the quarter, the company’s solar generation capacity marginally rose to 89 million units (MU) from 86 MU. This increase was accompanied by a decrease in the plant load factor, which dropped from 14.9% to 14.8%.

Wind generation capacity also grew to 743 MU from 491 MU. There was an increase in the plant load factor from 27.7% a year ago to 36.7%.

First half (1H) 2024

Torrent Power recorded a total income of ₹10.6 billion (~$127.2 million) for 1H FY 2024, a YoY increase of 8%.

The company’s revenue for the period increased by 8% YoY to ₹142.9 billion (~$1.7 billion).

Torrent Power’s EBITDA for the April-September period grew by 7% YoY to ₹26 billion (~$312.1 million).

The company has a total installed capacity of 4,287 MW, which includes 2,730 MW gas-based sources, 1,195 MW renewable sources, and 362 MW coal-based sources.

The company said there are ongoing developments for renewable projects totaling 953 MW.

Total generation capacity, including projects under advanced stages of development, is 5,240 MW.

Torrent Power posted a profit after tax of ₹5.32 billion (~$64.3 million) during Q1 FY 2024, a YoY increase of 6%.

In June 2023, the company raised ₹6 billion (~$72.5 million) through the issuance of non-convertible debentures on a private placement basis. The company issued and allotted 60,000 secured, rated, listed, taxable, non-cumulative, redeemable, and non-convertible debentures of ₹100,000 each (~$1,208).