Torrent Power clocked an 87 per cent increase in profits for the first quarter of financial year 2024-25.
The company’s profit after tax grew to ₹996 crore from ₹532 crore during the same period last year. “Increase in contribution from merchant power sales in gas-based plants and increase in contribution from licenced distribution businesses, contributed to the increased PAT,” stated the company in an official release.
The company’s revenue from operations rose by 23 per cent during the first quarter to ₹9,034 crore. During the April-June period last fiscal, revenues stood at ₹7,328 crore.
The company has an aggregate installed generation capacity of 4,415 MWp comprising 2,730 MW of gas-based capacity, 1,323 MWp of renewable capacity and 362 MW of coal-based capacity. Further, renewable projects of 3,077 MWp are under development.
The board of the company also approved the sale of 100 per cent equity share of Torrent Electricals Pvt Ltd (TEPL) to Torrent Investments Pvt Ltd (TIPL), the holding company of Torrent Power and part of the promoters’ group, the company stated in a regulatory filing with the exchanges. The sale which is expected to be completed by December 31, 2024, is for a sum of ₹85 crore. The total revenue of TEPL is ₹651 crore which is 2.4 per cent of the company’s total revenue, it added.