Gujarat-based power company Torrent Power has announced the fourth quarter (Q4) and full-year financial results for the financial year (FY) 2021-22.
The company recorded a revenue of ₹37.44 billion (~$484.63 million) in Q4 FY 2022, an increase of 21% compared to ₹30.84 billion (~$399.20 million) registered in the same period last year.
The Gujarat-based power company recorded earnings before interest, taxes, depreciation, and amortization (EBIDTA) of ₹10.88 billion (~$140.82 million) in the last quarter of FY 2022, an upturn of 15% compared to ₹9.47 billion (~$122.57 million) registered in the same period last year.
Torrent Power recorded a total loss of ₹4.84 billion (~$62.64 million) in Q4 2022, compared to a total comprehensive income of ₹4.08 billion (~$52.81 million) in Q4 2021. In March, Torrent Power announced the acquisition of 51% equity share capital in the Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation.
“During the year, the Company continued to focus its growth initiatives in the identified growth engines of Distribution and Renewables. In line with this strategy, the Company took over the operations as distribution licensee of Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD) w.e.f. April 1, 2022 post acquisition of 51% equity share capital of the Company. Further, during the year the Company was able to expand its operational renewable portfolio by 231 MW due to acquisition of renewable projects and an additional 565 MW projects are under development / acquisition. With our strong balance sheet, the Company will continue to pursue profitable growth opportunities across the entire value chain of the Power sector,” said Samir Mehta, Chairman of Torrent Power.
The company has renewable energy projects of 1,018 MW in operation and 565 MW under development.
The company recorded a revenue of ₹142.58 billion (~$1.84 billion) in FY 2022, an increase of 17% compared to ₹121.73 billion (~$1.57 billion) registered last year.
The company recorded an EBIDTA of ₹38.26 billion (~$495.23 million) in FY 2022, a rise of 6% compared to ₹36.07 billion (~$466.88 million) registered in FY 2021.
Torrent Power recorded a total income of ₹4.61 billion (~$59.67 million) compared to ₹13 billion (~$168.27 million) in FY 2021. The income for FY 2022 is lower due to the distributed generation impairment charge of ₹9.28 billion (~$120.11 million) during the year.
Torrent Power signed a share purchase agreement with SkyPower Southeast Asia to acquire a 100% stake in Sunshakti Solar Power Projects, a special purpose vehicle operating a 50 MW solar project in Telangana. The estimated value of the acquisition was ₹4.17 billion (~$54.41 million).
In March, Torrent Power announced the acquisition of 51% equity share capital in the DNH&DD Power Distribution Corporation. Torrent was the highest bidder in the auction held to acquire a controlling stake in the union territory’s DISCOM.