Gujarat-based power generation company Torrent Power declared its financial results for the first quarter (Q1) of the financial year (FY) 2022 and recorded a 3.05% year-over-year (YoY) growth in its revenue from operations to ₹30.99 billion (~$417.57 million) from ₹30.07 billion (~$405.17 million) in the same period last year.

However, the company’s total income stood at ₹2.08 billion (~$28.02 million), a 44.3% YoY decline compared to ₹3.74 billion (~$50.37 million) in the same period last year.

The company stated that both quarters were affected by one-off items. The current quarter has a net one-off charge of ₹210 million (~$2.82 million), and Q1 FY 2020-21 had a net-off gain of ₹2.34 billion (~$31.52 million). Adjusted to these, the total income has increased 72% YoY to ₹23 billion from ₹13.4 billion.

Torrent Power said significant reductions in transmission and distribution losses in franchised distributions business, a decline in interest cost, and lower contribution from merchant power sales in gas-based businesses were significant reasons for the improvement in the adjusted total income.

In Q1 FY 2022, the company’s earnings before interest, taxes, depreciation, and amortization (EBIDTA) declined 23.90% YoY to ₹7.64 billion (~$102.93 million) from ₹10.04 billion (~$135.26 million) in Q1 FY 2021.

According to the financial statement, the company’s earnings per shares (of ₹10 (~$0.13)/each) declined to ₹4.30 (~$0.058) in Q1 FY 2021-22 from ₹7.75(~$0.10) in the same period last year.

According to Torrent Power, it has 787 MW of renewable capacity (649 MW of wind and 138 MW of solar), and 815 MW of renewable capacity is under the pipeline. With the recent acquisition of a 50 MW solar project, the company’s total renewable capacity stood at 1.65 GW to date.

Earlier this month, the company signed an agreement with Lightsource India and Lightsource Renewable Energy to acquire 100% of the share capital and all securities of the special purpose vehicle (SPV) Lightsource Renewable Energy Holdings Limited (LREHL) Renewables India SPV1, which operates a 50 MW solar project.

Torrent Power is also set to procure power from 300 MW of grid-connected solar projects in Gujarat.

In FY 2021, the company reported a total comprehensive income of ₹13 billion (~$177.61 million), up by 13% compared to ₹11.5 billion (~$157.11 million) in the same period last year.