Gujarat-based power company Torrent Power recorded a profit after tax (PAT) of ₹4.89 billion (~$55.9 million) for the third quarter (Q3) of the financial year (FY) 2025, a year-over-year (YoY) increase of 31% from ₹3.74 billion (~$42.8 million).

The increase in PAT was primarily due to cold weather conditions, which led to an increased power demand. There was a one-time gain in cable sales of about ₹770 million (~$8.8 million), contributing to the increase in other income.

The company’s revenue from operations saw a slight increase of 2% YoY to ₹64.99 billion (~$743 million).

Torrent Power’s earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter rose by 17% YoY to ₹12.84 billion (~$146.8 million) due to higher merchant and LNG sales, and foreign exchange gains.

The company’s earnings per share (EPS) for the quarter was ₹9.76 (~$0.11).

During the quarter, the company executed an energy storage facility agreement to develop and supply 2,000 MW / 16,000 MWh pumped storage hydro power from Maharashtra State Electricity Distribution Company. It also commissioned a 300 MW solar project.

 

9M 2024

Torrent Power recorded a PAT of ₹19.74 billion (~$225 million) for the first nine months (9M) of FY 2024, a YoY increase of 37%. The company attributed these gains mainly to LNG and merchant sales, and foreign exchange gains.

The company’s total income increased by 10% YoY to ₹ 230.81 billion (~$2.6 billion) from ₹209.02 billion (~$2.4 billion).

Torrent Power’s revenue from operations for 9M 2024 also saw a rise of 9.9% to ₹227.09 billion (~$2.5 billion). The company’s EPS for 9M was ₹39.94 (~$0.46).

Torrent Power has an operational solar capacity of 741 MW, with an additional 1,546 MW currently under development. In the wind energy segment, the company has 921 MW already operational and 1,419 MW under development.

The company has an aggregate installed generation capacity of 4,754 MW comprising 2,730 MW of gas-based capacity, 1,662 MW of renewable capacity, and 362 MW of coal-based capacity.

Renewable projects of 2,965 MW are under development. The company’s total generation capacity, including projects under development, is 7,719 MW.

In December 2024, Torrent raised ₹35 billion (~$412.77 million) through qualified institutional placement of shares. The issue was oversubscribed four times.

Torrent Power also won the auction for the purchase of 300 MW of power from wind-solar hybrid energy projects, with a greenshoe option of up to 150 MW from its distribution unit by quoting ₹3.65 (~$0.044)/kWh.