Earnings Review
Gas output, merchant sales boost Torrent Power Q2 growth
This story was originally published at 18:10 IST on 11 November 2025
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--Torrent Power Jul-Sept consol net profit INR 7.24 bln
--Torrent Power Jul-Sept consol PAT INR 7.24 bln vs INR 4.81 bln year ago
--Torrent Power Jul-Sept consol revenue INR 78.76 bln vs INR 71.76 bln yr ago
--Torrent Power Q2 electrical energy cost INR 39.31 bln vs INR 37.56 bln
--Torrent Power Apr-Sept consol PAT INR 14.55 bln vs INR 14.53 bln year ago
--Torrent Power Apr-Sept consol revenue INR 157.8 bln vs INR 162.1 bln yr ago
--Torrent Power Q2 consol generation revenue INR 24.21 bln vs INR 18.34 bln
--Torrent Power Q2 consol T&D revenue INR 63.68 bln vs INR 65.97 bln yr ago
--Torrent Power Jul-Sept consol operating margin 19.12% vs 16.82% year ago
--Torrent Power Jul-Sept consol EBITDA INR 15.84 bln vs INR 13.32 bln yr ago
By Pallavi Singhal
NEW DELHI – Torrent Power Ltd. Tuesday reported sharp growth in revenue for the September quarter, helped by a strong performance in its gas-based generation business and higher merchant power sales. This was the highest on-year topline growth the company has reported in the past five quarters.
The company's consolidated net profit for the quarter stood at INR 7.24 billion, up over 50% on year but down 1.1% from the previous quarter. This is the third consecutive quarter that the company's profit has remained over INR 7 billion. Its revenue from operations came in at INR 78.76 billion, up 10% on year but down about 0.4% sequentially.
The company also attributed the strong performance to reduction in finance cost which was, however, partially offset by an increase in depreciation costs due to capex and commissioning of additional renewable generation capacity.
Total expenses during the quarter were INR 69.75 billion, up over 5% on year. The company's electrical energy cost, which made up more than half of its total expenditure, rose almost 5% on year to INR 39.31 billion. However, lower finance and fuel costs helped limit the rise in overall expenses, supporting profitability during the quarter. Finance costs for the company fell nearly 21% from the year-ago period to INR 2.16 billion. Meanwhile, energy costs were down over 3% at INR 13.11 billion. The company's employee expenses fell over 8% to INR 1.74 billion.
Torrent Power's earnings before interest, tax, depreciation, and amortisation were at INR 15.84 billion, 19% higher than INR 13.32 billion in the same period last year. The operating margin improved to 19.12% in the September quarter from 16.82% a year ago.
Segment-wise, revenue from the generation business surged over 32% on year to INR 24.21 billion. Transmission and distribution revenue fell 3.5% to INR 63.68 billion from INR 65.97 billion a year earlier, while renewables revenue rose 12% to INR 3.27 billion, though it declined sequentially due to seasonal variations.
For April–September, the company's consolidated net profit stood at INR 14.55 billion, nearly unchanged from INR 14.53 billion a year ago. Revenue for the same period declined 2.7% on year to INR 157.8 billion due to a softer first quarter amid lower power demand.
The company detailed its results after market hours. On Tuesday, shares of Torrent Power closed 1.9% higher at INR 1,336.80 on the National Stock Exchange. End
Edited by Avishek Dutta
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