Torrent Power Reports Strong Q1 FY 2024-25 Financial Results

Torrent Power, an integrated power utility firm, has announced its unaudited consolidated financial results for the quarter ended June 30, 2024. The company has reported a notable increase in its financial performance compared to the same quarter last year.

For Q1 FY 2024-25, Torrent Power achieved revenue from operations of INR 9,034 crore, marking a 23 percent rise from INR 7,328 crore in Q1 FY 2023-24. The company's Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also saw a significant increase, reaching INR 1,934 crore for the quarter, up 52 percent from INR 1,270 crore in the previous year. 

Profit After Tax (PAT) surged by 87 percent, amounting to INR 996 crore in Q1 FY 2024-25, compared to INR 532 crore in Q1 FY 2023-24. The substantial rise in PAT, an increase of INR 464 crore year-on-year, can be attributed to several factors. These include higher contributions from merchant power sales in gas-based power plants, enhanced contributions from licensed distribution businesses, and an increase in tax expenses.

Torrent Power, part of the INR 41,000 crore Torrent Group, operates as a comprehensive power utility with a presence across the entire power value chain, including generation, transmission, and distribution. The company's installed generation capacity totals 4,415 MW, comprising 2,730 MW of gas-based capacity, 1,323 MW of renewable capacity, and 362 MW of coal-based capacity.

Additionally, Torrent Power has 3,077 MW of renewable projects under development, bringing the total generation capacity, including projects in advanced stages, to 7,492 MW.

The company serves approximately 30 billion units to over 4.13 million customers across key regions. This includes cities in Gujarat (Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Dholera SIR), the Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD), Maharashtra (Bhiwandi, Shil, Mumbra, and Kalwa), and Agra in Uttar Pradesh.