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Gujarat-based power company Torrent Power recorded revenue of ₹66.19 billion (~$832.01 million) in the first quarter (Q1) of the financial year (FY) 2023, a year-over-year (YoY) increase of 110% compared to ₹31.35 billion (~$394.06 million) in Q1 FY22.
The company’s earnings before interest, taxes, depreciation, and amortization (EBIDTA) were ₹11.69 billion (~$146.94 million), an increase of 53% YoY compared to ₹7.64 billion (~$96.03 million).
Torrent Power recorded a total profit of ₹5.03 billion (~$63.22 million) in Q1 FY23, an increase of 141% compared to a total comprehensive income of ₹2.09 billion (~$26.27 million) in Q1 FY22. In March, the company announced the acquisition of 51% equity share capital in the Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation.
The company has an aggregate installed generation capacity of 4,160 MW, comprising 1,068 MW of renewable capacity. Renewable projects of 715 MW are under development. Total generation capacity, including under-development capacity, will be 4,875 MW with a renewable capacity of 1,783 MW.
Earlier this month, Torrent Power acquired a 100% stake in Wind Two Renergy from lnox Green Energy Services. The estimated acquisition cost is ₹325.1 million (~$4.09 million), representing 100% of the paid-up capital of Wind Two Renergy. The company has acquired 32.51 million equity shares of Wind Two Renergy.
In July, Torrent Power received a letter of award from the Solar Energy Corporation of India for the long-term power purchase agreement for a 300 MW wind power project in Karnataka. The project was part of the bids invited by the Solar Energy Corporation of India for 1,200 MW inter-state transmission connected wind power projects (Tranche -XII). The company won the capacity by quoting ₹2.94 (~$0.0379)/kWh.
Torrent Power has also signed a share purchase agreement to acquire a 100% stake in the special purpose vehicle (SPV) operating a 50 MW solar project in Telangana. The agreement was signed with SkyPower Southeast Asia III investments and SkyPower Southeast Asia Holdings 2, which owned the SPV – Sunshakti Solar Power Projects. The estimated acquisition cost was ₹4.17 billion (~$54.41 million).
Torrent has entered into a share purchase agreement with Blue Diamond Properties and Balrampur Chini Mills to acquire 100% equity share capital of Visual Percept Solar Projects, an SPV. The acquisition value was estimated at ₹1.63 billion (~$21.71 million).