Torrent Power has announced the results for the fourth quarter (Q4) of the financial year (FY) 2020-2021.
As per the financial statement released by the company, the company reported a total comprehensive income of ₹13 billion (~$177.61 million) in the financial year (FY) 2021, up by 13% compared to ₹11.5 billion (~$157.11 million) in during the same period last year. The total income stood at ₹4.08 billion (~$55.74 million) in the fourth quarter (Q4) of 2021, up by 41% compared to ₹2.9 billion (~$39.62 million) in Q4 FY 2020.
The company said that the revenue from operations stood at ₹121.73 billion (~$1.66 billion) for FY 2021, a drop of 11% compared to ₹136.41 billion (~$1.86 billion) during the same period a year before. The numbers for Q4 2021 were higher and stood at ₹30.84 billion (~$421.34 million), increasing 3% compared to ₹29.84 billion (~$407.67 million) in Q4 FY 2020.
The earnings before interest, taxes, depreciation and amortization stood at ₹36.07 billion (~$492.79 million) for the FY 2021, a decrease of 3% than ₹37.34 billion (~$510.14 million) in FY 2020. The numbers for the quarter ending March 31, 2021, were ₹9.47 billion (~$129.38 million), increasing 10% compared to ₹8.64 billion (~$118.04 million) during the same period last year.
One of the main highlights for the company in the FY 2021 was the acquisition of a 51% stake in the power distribution company in the union territory of Dadar and Nagar Haveli and Daman and Diu. The move is expected to strengthen Torrent Power’s position as one of the leading distribution companies in the country, with a presence in 12 cities and spread across three states and one union territory.
The net debt of the company at the end of March stood at ₹78.08 billion (~$1.06 billion), and the company’s equity ratio was 0.73 as of March 31, 2021.
Speaking on the results, Samir Mehta, Chairman of Torrent Power said, “Despite the impact of Covid-19 pandemic and significant stress in the power sector, Torrent Power continued to deliver industry-leading returns in the private sector on account of the company’s strategy to pursue risk-adjusted profitable opportunities, strong execution capabilities and focus on operational excellence. With our strong balance sheet, the company will continue to pursue profitable growth opportunities across the entire value chain of the power sector.”
In the solar segment, the company has over 138 MW of operational capacity spread over two locations and 400 MW of capacity under development. As for wind, the company has over 649 MW of operational capacity spread over seven locations.
The company had reported a slight decline in its revenue in Q3 of FY 2020 to ₹29.53 billion (~$405.3 million), down 4.3% from ₹30.79 billion (~$422.6 million) in the same quarter the previous year.
In the solar auction conducted by Andhra Pradesh Green Energy Corporation in February, Torrent Power emerged as the lowest bidder, quoting a tariff of ₹2.47 (~$0.033)/kWh for 300 MW of project to be developed at the Kambadur Ultra Mega Solar Park located in Anantapuram district. The company also quoted a tariff of ₹2.22 (~$0.03)/kWh to win a bid for 150 MW of solar projects in the auction held by Torrent Power Generation.
Rakesh is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). More articles from Rakesh Ranjan.