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Torrent Power reports Q4 FY 2023-24 results

Torrent Power reports Q4 FY 2023-24 results

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May 22, 2024: Torrent Power Limited (the “Company”) today announced financial results for the quarter and year ended March 31, 2024. Profit after tax (PAT) for FY 2023-24 stood at ₹ 1,896 crs as compared to ₹ 2,165 crs for FY 2022-23. The reduction is on account of one-time higher net gain in FY 2022-23 from trading of LNG of ₹ 672 crs. Adjusted for the above, PAT for FY 2023-24 was higher by ₹ 403 crs registering a growth of 27%.

The major reasons for higher adjusted PAT on y-o-y basis are: ⇧ Increase in contribution from merchant power sales in gas-based power plants; Increase in contribution from thermal generation segment due to better offtake by long term off-takers; Increase in contribution from renewable businesses due to capacity addition and higher wind PLF;
⇩ Increase in tax expenses. The Company enjoys a strong balance sheet position with some of the best financial ratios amongst private players in the power sector with Net Debt : Equity ratio of 0.80 and Net Debt to EBITDA ratio of 2.25 as on March 31, 2024.

Commenting on the performance, the Company’s Chairman, Mr Samir Mehta said, “The demand for power remained very strong during the past year and is expected to remain strong going forward with India being the fastest growing economy across the globe. Torrent Power had a transformative year, with positive developments across existing operations and growth initiatives.

With improved visibility in power demand and moderation in LNG prices, we see better prospects of utilization of our gas-based power plants going forward. Our Distribution business continued to perform well and set new operational benchmarks. The Company has also made significant progress in building a large pipeline of Renewable projects and made initial inroads in new energy segments of green hydrogen and pump storage hydro. During the year, Torrent has been awarded renewable projects of about 3 GWp, which are under various stages of development and are expected to be completed in the next 2-3 years. Torrent was awarded 18 KTPA capacity under the PLI scheme for manufacturing of green hydrogen. The Company has also been able to foray into the pump storage hydro segment, wherein it has been allocated 4 sites, 2 each in UP and Maharashtra. The Company is well poised for the next phase of its growth and will endeavour to deliver sustainable growth for its shareholders.”

The Board has recommended final dividend of ₹ 4.00 per equity share for FY 2023-24. The total dividend for FY 2023-24 stands as ₹ 16.00 per equity share, comprising of interim dividend of ₹ 12.00 per equity share and final divided of ₹ 4.00 per equity share.


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