Gujarat-based power company Torrent Power has announced the financial results for the first nine months (9M) and third quarter (Q3) of the financial year (FY) 2022.

The company’s total revenue from operations for the first nine months (9M) of FY 2022 stood at ₹105.14 billion (~$1.41 billion), up by 16% from ₹90.89 billion (~$1.21 billion) in 9M FY 2021.

The company’s EBITDA numbers for the 9M FY 2022 stood at ₹27.38 billion (~$365.88 million), up by 3% compared to ₹26.6 billion (~$355.46 million) in 9M FY 2021.

For 9M FY 2022, the company reported a net profit of ₹9.46 billion (~$126.42 million).   The company posted a total comprehensive income of ₹9.45 billion (~$126.28 million) for the period, a 6% increase from 9M FY 2021.

For Q3, the company recorded a revenue of ₹37.67 billion (~$503.39 million) from operations, up by 28% compared to ₹29.53 billion (~$394.62 million) in the same period last year.

According to the financial statement released by the company, the earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹10 billion (~$133.63 million) in Q3, FY 2022, increasing by 10% compared to ₹9.08 billion (~$121.34 million) in Q3 FY 2021.

The company reported a net profit (after tax and exceptional items) of ₹3.69 billion (~$49.31 million) in Q3 FY 2022, up by 14.6% compared to ₹3.22 billion (~$43.03 million) in Q3 FY 2021.

The Q3 comprehensive income also saw an increase of 15% to ₹3.67 billion (~$49.04 million) compared to the same period in FY 2021.

The increase in total comprehensive income was attributed to the increase in contribution from merchant powers sales offset by lower contribution from long-term power purchase agreements (PPAs) in gas-based power projects. Increase in contribution from distribution franchisee business due to reduction in transmission & distribution losses, and decrease in finance costs also contributed to the income.

The company has an aggregate installed capacity of 3,789 MW, comprising 2,730 MW of gas-based capacity, 787 MW of renewable capacity, and 362 MW of coal-based capacity. The company has nearly 515 MW of renewable projects under development. With the acquisition of a 156 MW of wind power project and a 50 MW solar power project, the company’s total generation capacity will be 4,600 MW, including 1,508 MW of renewable capacity.

The company distributes nearly 14.5 BU of power to nearly 3.71 million customers in Ahmedabad, Gandhinagar, Surat, Dahej, and Dholera in Gujarat; Bhiwandi, Shil, Mumbra, and Kalwa in Maharashtra; and Agra in Uttar Pradesh.

Last September, Torrent Power entered into a share purchase agreement with CESC Limited, Haldia Energy Limited, and other nominal shareholders to acquire 100% of the share capital of Surya Vidyut Limited, a wholly-owned subsidiary of CESC Limited.

Earlier, Torrent power had emerged as the highest bidder for the acquisition of the power distribution company (DISCOM) in the union territory of Dadra & Nagar Haveli and Daman and Diu.