Gujarat-based power company Torrent Power recorded a profit after tax (PAT) of  ₹3.74 billion (~$45.05 million) for the third quarter (Q3) of the financial year (FY) 2023-24, a year-over-year (YoY) decrease of 46%.

The decline in PAT was primarily due to increased expenses, notably fuel costs, which surged by 142% YoY to ₹10.4 billion (~$125.28 million).

The company’s total income decreased by 2% YoY to ₹ 64.19 billion (~$773.26 million).

Torrent Power’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the October-December quarter fell by 28% YoY to ₹15.27 billion (~$183.95 million) due to a reduction in net gain from trading of LNG and merchant power sales by ₹4.78 billion as compared to the corresponding quarter last year.

During the quarter, the company’s solar generation capacity marginally fell to 109 million units (MU) from 111 MU YoY. This was also accompanied by a decrease in the plant load factor, which dropped from 19% to 17.9%.

Wind generation capacity in Q3 FY24 also grew to 398 MU from 270 MU YoY. There was an increase in the plant load factor from 16% to 19.5%.

The company has an aggregate installed generation capacity of 4,287 MW, comprising 2,730 MW of gas-based capacity and 1,195 MW of renewable capacity.

9M 2023

Torrent Power recorded a PAT of ₹14.49 billion (~$174.56 million) for the first nine months (9M) of FY 2024, a YoY decrease of 14%. The decline in PAT was primarily due to fuel costs, which surged by 118% YoY to ₹41.99 billion (~$505.85 million).

The company’s total income decreased by 5% YoY to ₹209.02 billion (~$2.51 billion).

Torrent Power’s EBITDA for the April-December quarter fell by 6% YoY to ₹36.98 billion (~$445.49 million).

The company currently operates a solar capacity of 263 MW, with 350 MW under development. In the commercial and industrial (C&I) space, the company has commissioned 13 MW, with 215 MW under development as of December 2023.

The company operates a wind capacity of 920 MW, with 425 MW under development.

Torrent Power was one of the winners in REMC Limited’s auction to supply 750 MW of round-the-clock power from grid-connected renewable projects with or without storage across India for 25 years. Torrent Power quoted the lowest tariff of ₹4.25 (~$0.051)/kWh to win 100 MW.

In June 2023, the company raised ₹6 billion (~$72.5 million) through the issuance of non-convertible debentures on a private placement basis. The company issued and allotted 60,000 secured, rated, listed, taxable, non-cumulative, redeemable, and non-convertible debentures of ₹100,000 each (~$1,204).