Gujarat-based power company Torrent Power posted a profit of ₹6.94 billion (~$83.7 billion) for the third quarter (Q3) of the financial year (FY) 2023, a year-over-year (YoY) growth of 88%. The rise in profit was fuelled by the reduction in transmission and distribution losses and an increase in the cost of power.

The company recorded a YoY growth of 71% in revenue at ₹64.43 billion (~$777.2 million) for Q3.

Torrent said the revenue increase was driven by its licensed distribution businesses in the Union Territory of Dadra and Nagar Haveli and Daman and Diu.

By the end of Q3, Torrent Power’s solar operational capacity stood at 263 MW, while wind stood at 804.5 MW across five Indian states.

For projects bid for by the company, the average tariff for solar in Gujarat, Maharashtra, and Telangana during Q4 was ₹7.46 ($0.09)/kWh, and for wind in Gujarat, Maharashtra, Karnataka, Rajasthan, and Madhya Pradesh was ₹3.96 (~$0.04)/kWh.

Torrent’s Earnings Before Interest Tax, Depreciation, and Amortization (EBITDA) increased YoY by 53% to ₹15.27 billion (~$184.2 million).

9M FY 2023

The company’s profit for the nine months (9M) of FY 2023 jumped by 78% to ₹16.81 billion (~$202.8 million) due to the reduced losses in transmission and distribution.

The revenue for the 9M period totaled ₹196.56 billion (~$2.3 billion), up YoY by 87%, and EBITDA grew YoY by 44% to ₹39.54 billion (~$477 million).

Torrent Power has an aggregate installed generation capacity of 4.1 GW which includes 2.7 GW of gas-based capacity, 1.06 GW of renewable capacity, and 362 MW of coal-based capacity.

The power company currently has 736 MW of renewable projects under development and has signed power purchase agreements for 428 MW.

The company’s total generation capacity, including under-development capacity, is 4.8 GW, with renewables totaling 1.8 GW.

Torrent Power’s profit for the second quarter of FY 2023 increased YoY by 32% to ₹4.8 billion (~$57.95 million).

Last April, the power company signed a share purchase agreement to acquire a 100% stake in the special purpose vehicle operating a 50 MW solar project in Telangana. The estimated acquisition cost was ₹4.17 billion (~$54.41 million). The agreement was signed with SkyPower Southeast Asia III investments and SkyPower Southeast Asia Holdings 2, which owns the vehicle.