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Torrent Power Q1 consolidated net profit jumps 140%

On July 30, 2022, Torrent Power acquired 100% of the paid-up capital of Wind Two Renergy from lnox Green Energy Services at a face value of Rs 32.51 crore.

torrent power q1
The company's Ebitda rose 53% to Rs 1,169 crore y-o-y as against Rs 764 crore same time last fiscal.

Torrent Power’s consolidated net profit jumped more than 140% to Rs 502.01 crore for April to June quarter of the current fiscal from Rs 207.78 crore in the corresponding quarter of the previous financial year 2021-22.

The Ahmedabad-based company’s revenue from operations increased 110% to Rs 6,510 crore in Q1FY23 compared to Rs 3,099 crore in Q1FY22. The company’s Ebitda rose 53% to Rs 1,169 crore y-o-y as against Rs 764 crore same time last fiscal.

“The major reasons for the improvement in the net profit on a year-on-year (y-o-y) basis include an increase in the contribution from renewable generation due to higher PLF and recent acquisitions, gain from trading of LNG, improved performance of licensed distribution businesses and increase in contribution from franchised distribution business due to electricity demand, reduction in T&D losses and reduction in provision for doubtful debts compared to the comparable quarter of last year which was impacted due to Covid 19 pandemic,” the company said in its official press communique.

On the renewable energy front, the company was granted a Letter of Award by Solar Energy Corporation of India (SECI) for a Wind Power Project of 300 MW and confirming 25 years long-term Power Purchase Arrangement at a tariff of Rs 2.94 per kWh. On July 30, 2022, Torrent Power acquired 100% of the paid-up capital of Wind Two Renergy from lnox Green Energy Services at a face value of Rs 32.51 crore.

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