Gujarat-based Torrent Power’s revenue from operations increased 3% year-over-year (YoY) to ₹71.76 billion (~$850.1 million) in the second quarter (Q2) of the financial year (FY) 2024-25.

The company’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the quarter remained stable at ₹13.32 billion (~$157.79 million).

Quarterly Profit After Tax (PAT) declined by 9% to ₹4.96 billion (~$58.75 million) due to reduced contributions from thermal generation, lower renewable energy contributions, and higher finance and depreciation costs.

The company has an aggregate installed generation capacity of 4,580 MW comprising 2,730 MW of gas-based capacity, 1,488 MW of renewable capacity (921 MW wind + 567 MW solar), and 362 MW of coal-based capacity.

Further, renewable projects of 2,979 MW are in the pipeline. Total generation capacity, including projects under development, is 7,559 MW (2,172 MW solar + 2,295 MW wind).

During the quarter, the company’s solar plant load factor (PLF) declined to 13.4% from 14.8%, and wind PLF also decreased to 32.3% from 36.7%.

First half (1H) FY25

Revenue from operations for the period grew 13% YoY, reaching ₹162.1 billion (~$1.92 billion).

EBITDA increased by 26% to ₹32.66 billion (~$386.93 million), due to operational efficiencies and expansion in the renewables segment.

PAT for the period was ₹14.92 billion (~$176.76 million), a 39% YoY increase.

The company’s solar PLF declined to 15.9% from 17.8%, and wind PLF also decreased to 30.4% from 33.9%.

The company distributes nearly 30 billion units to over 4.13 million customers in Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera Special Investment  Region in Gujarat, Union Territory of Dadra and Nagar Haveli and Daman and Diu; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.

Torrent Power‘s net profit for the first quarter of FY25 stood at ₹9.96 billion ($118.9 million), an 87% YoY rise from ₹5.32 billion ($63.5 million).

In September, Torrent Power received a letter of intent from the Maharashtra State Electricity Distribution Company (MSEDCL) to procure 1,500 MW/12,000 MWh energy storage capacity from a pumped hydro storage project.