Torrent Power’s Revenue Up 8% YoY to ₹65 Billion in Q4 FY 2024

Gujarat-based Torrent Power recorded a revenue of ₹65.29 billion (~$784.36 million) for the fourth quarter (Q4) of the financial year (FY) 2023-24, a year-over-year (YoY) increase of 8%.

The company’s profit after tax (PAT) for the quarter was ₹4.47 billion (~$53.7 million), an 8% YoY decrease.

Torrent Power’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the January-March period rose by 2% YoY to ₹12.06 billion (~$144.88 million).

During the quarter, the company’s solar plant load factor (PLF) declined to 20% from 21.6%, while wind PLF increased to 20.8% from 20.3%.

The company has an aggregate installed generation capacity of 4,328 MW comprising 2,730 MW of gas-based capacity, 1,236 MW of renewable capacity (315 MW of solar and 921 MW of wind), and 362 MW of coal-based capacity.

Renewable projects of 3,041 MW are under development, including 1,402 MW of solar and 1,238 MW of wind. The total generation capacity, including projects under advanced stages of development, is 7,369 MW.

Full-year 2024

Torrent recorded an annual revenue of ₹271.83 billion (~$3.26 billion) in FY 2024, up 6% from the previous year.

The company’s annual PAT dropped 12% to ₹18.96 billion (~$227.77 million). The reduction is due to a one-time higher net gain in FY 2023 from LNG trading of ₹6.72 billion (~$80.73 million).

Torrent Power’s EBITDA for the year fell by 5% YoY to ₹49.04 billion (~$589.14 million).

During the year, the company’s solar PLF declined to 18.1% from 18.7%, while wind PLF increased to 26.6% from 24.3%.

The company distributes nearly 30 billion units of electricity to over 4.13 million customers in Gujarat, Maharashtra, Uttar Pradesh, Dadra and Nagar Haveli, and Daman and Diu.

The company has proposed raising funds of up to ₹50 billion (~$600.63 million) by issuing equity shares, convertible bonds, convertible debentures, or other securities convertible into equity shares through private placement or a qualified institutional placement. It also plans to raise up to ₹30 billion (~$360.38 million) through non-convertible debentures.

Torrent Power recently won an auction to purchase 300 MW of power from wind-solar hybrid energy projects, with a greenshoe option of up to 150 MW from its own distribution unit by quoting ₹3.65 (~$0.044)/kWh.

Last June, Torrent Power disclosed its plans to achieve a 5 GW renewable energy portfolio over the next three to five years through inorganic acquisitions and greenfield projects. It also announced that it had been allocated 6,000 hectares of land in Gujarat, where it plans to set up ~3 GW of renewable projects encompassing solar and wind energy.


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