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Informist, Tuesday, Feb. 4, 2025

By Gopika Balasubramanium 

MUMBAI – Torrent Power Ltd.'s gains from an increased contribution from gas-based power plants for the December quarter and sale of non-current investments were offset by a reduction in contribution from renewables business and capital expenditure on renewable generation capacities, which led to an uptick in finance and depreciation costs.

The company's consolidated revenue was INR 64.99 billion for the December quarter, up 2.1% on year. The company's on-year revenue growth for the December quarter was the slowest in all the quarters last year. Torrent power reported a consolidated net profit of INR 4.76 billion from INR 3.60 billion a year ago. The net profit grew over 32% on year but declined 1% sequentially. The company's other income more than tripled for the December quarter and came in at INR 1.72 million, which likely helped the company to post better profit for the quarter. 

Torrent Power's total expenses for the December quarter were INR 60.41 billion, up 2.3%. The cost of electrical energy purchased, which accounts for more than 63% of the total expenses, was INR 38.18 billion, up 10% on year. The company's other expenses rose 2% on year to INR 3.90 billion and its depreciation and amortisation expenses increased to INR 3.78 billion, up 8.2%. The fuel cost was the only expense that declined on year in the December quarter, as it fell to INR 6.20 billion, down over 40%. The company's tax outgo for the December quarter was INR 1.41 billion, up 1%.

For the nine months ended December, the company's consolidated net profit was INR 19.29 billion, up 37.5% on year. Revenue for the period was INR 227.09 billion, up nearly 10% on year.

The company posted earnings before interest, tax, depreciation, and amortisation of INR 12.84 billion, up 17% on year. For Apr-Dec the EBITDA was INR 45.50 billion, 23% higher compared to the year-ago period.  

Torrent Power's revenue from its transmission and distribution rose marginally on-year to INR 58.17 billion while its revenue from the power generation business declined over 10% to INR 14.24 billion. The company's renewable energy business contributed INR 2.17 billion to the company's total revenue.  

The plant load factor of all the company's plants declined in the December quarter compared to the year-ago period. Plant load factor is a metric that measures the performance of a power plant by comparing the actual energy it generates to the maximum energy it can generate.

The plant load factor of its Gujarat-based SUGEN plant halved to 13% in the December quarter from 26% a year ago, while the UNOSUGEN plant's load factor fell to 14% from 17% a year ago, Torrent Power said in an investor presentation. As for its DGEN plant, the metric fell marginally to 4% and that of the AMGEN plant declined to 74% from 78% a year ago. The plant load factor of the company's gas plant also declined to 9% from 16% a year ago and that of the thermal plant fell to 17% from 23% a year ago.

In the renewable energy segment, the plant load factor of the company's wind segment for the quarter fell to 17.3% from 19.05% a year ago. The solar business' plant load factor for the quarter also fell to 15.3% from nearly 18% a year ago.

The company also announced an interim dividend of INR 14 per share. The company announced its earnings after market hours. On Tuesday, shares of the company closed 0.6% higher at INR 1,352.80 on the National Stock Exchange.  End

Edited by Deepshikha Bhardwaj

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