Gujarat-based Torrent Power‘s net profit for the first quarter (Q1) of the financial year (FY) 2024-25 stood at ₹9.96 billion ($118.9 million), an 87% year-over-year (YoY) rise from ₹5.32 billion ($63.5 million).

Torrent Power reported a revenue of ₹90.34 billion ($1.07 billion), marking a 23% increase YoY from ₹73.28 billion ($875.4 million).

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) surged by 52% to ₹19.34 billion ($231 million) from ₹12.7 billion ($151.7 million) in the same quarter last year.

The increase in net profit is attributed to several factors, including higher contributions from merchant power sales in gas-based power plants and operational efficiency. Increased contributions from the company’s licensed distribution businesses also played a crucial role.

Torrent recorded an annual revenue of ₹271.83 billion (~$3.26 billion) in FY 2024, up 6% from the previous year.

Operational Highlights

The company has an installed generation capacity of 4,415 MW, which includes 2,730 MW of gas-based capacity, 1,323 MW of renewable capacity, and 362 MW of coal-based capacity.

Additionally, renewable projects totaling 3,077 MW are under development, bringing the total capacity to 7,492 MW.

Torrent Power distributes approximately 30 billion units of electricity to over 4.13 million customers across various regions, including Gujarat, Maharashtra, and Uttar Pradesh.

Torrent Power recently won an auction to purchase 300 MW of power from wind-solar hybrid energy projects, with a greenshoe option of up to 150 MW from its own distribution unit by quoting ₹3.65 (~$0.044)/kWh.

Last June, Torrent Power disclosed plans to achieve a 5 GW renewable energy portfolio over the next three to five years through inorganic acquisitions and greenfield projects. It also announced that it had been allocated 6,000 hectares of land in Gujarat, where it plans to set up ~3 GW of renewable projects encompassing solar and wind energy.