Torrent Power's Profits Soar by 87% on Higher Revenues

Torrent Power reported an 87% rise in consolidated net profit to Rs 996.34 crore for the June quarter of FY25, driven by higher revenues. The company also announced the sale of 100% equity shares of Torrent Electricals Private Ltd to Torrent Investments Private Ltd for Rs 85 crore, expected to complete by December 31, 2024. Torrent Power, an integrated power utility, has a significant presence across the power value chain with a total generation capacity of 7,492 MW.

Torrent Power on Tuesday registered an impressive 87 per cent increase in its consolidated net profit, which stood at Rs 996.34 crore for the June quarter of FY25. This significant rise was chiefly attributed to higher revenues.

During the same period last year, Torrent Power's net profit was Rs 532.28 crore, as per a recent filing with the BSE. The company's total income surged to Rs 9,110.02 crore from Rs 7,413.32 crore.

The board has also approved the sale of 100 per cent equity shares of Torrent Electricals Private Ltd (TEPL) to Torrent Investments Private Ltd (TIPL), the holding company, for Rs 85 crore. The sale is anticipated to be completed by December 31, 2024. TEPL's total revenue stands at Rs 651.26 crore, representing 2.40 per cent of Torrent Power's total revenue. This transaction is deemed a related party transaction and was conducted on an arm's length basis.

TIPL is part of Torrent Power's promoter group. Torrent Power, with a turnover of Rs 27,183 crore, is a prominent player in the country's power sector, offering services encompassing generation, transmission, and distribution. The company operates with an aggregate installed generation capacity of 4,415 MW, including 2,730 MW of gas-based capacity, 1,323 MW of renewable capacity, and 362 MW of coal-based capacity. Additionally, renewable projects accounting for 3,077 MW are under development, leading to a total generation capacity of 7,492 MW, including projects in advanced stages of development.

Torrent Power caters to nearly 4.13 million customers, distributing almost 30 billion units across regions such as Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Dholera SIR in Gujarat, the Union Territory of Dadra and Nagar Haveli and Daman and Diu; Bhiwandi, Shil, Mumbra, and Kalwa in Maharashtra, and Agra in Uttar Pradesh.

(With inputs from agencies.)