Torrent Power Limited, one of the leading power companies in India, registered a revenue of Rs 6,961 crore from its operations in the second quarter of FY 2023-24, up 4% compared to Rs 6,703 crore in the same quarter FY 2022-23. The company reported an EBITDA of Rs 1,330 crore in the Q2 FY24 against the EBITDA of Rs 1,258 crore in the same quarter previous year.
The revenue for the first half of FY24 saw a growth of 8% and touched Rs 14,289 crore in H1 FY24 compared to Rs 13,213 crore last year. The EBITDA for the first half witnessed a rise of 7% to Rs 2,600 crore from Rs 2,427 crore. It should be mentioned that despite a postive result, Toreent power’s share ended up in red. The share price of Torrent power declined slightly by 0.13% ( Rs 0.95 per share) and closed at Rs 751.70 at the end of the trading of the day.
According to a company release, the major reasons for this result are the increase in contribution from merchant power sales in gas based power plants and the increase in contribution from licenced distribution businesses. The higher contribution renewable business because of the capacity addition has also played a role in this positive performance for Torrent Power.
Torrent Power, the ₹ 25,694 Crs integrated power utility of the ₹ 37,600 Crs Torrent Group, is one of the largest companies in the country’s power sector with presence across the entire power value chain – generation, transmission and distribution. The Company has an aggregate installed generation capacity of 4,287 MW comprising 2,730 MW of gas-based capacity, 1,195 MW of renewable capacity and 362 MW of coal based capacity. Further, Renewable projects of 953 MW are under development.
