Gujarat-based power generator Torrent Power has recorded a revenue of ₹36.48 billion (~$487.55 million) in the second quarter (Q2) of the financial year (FY) 2022, a 17% year-over-year (YoY) growth from ₹31.29 billion (~$418.20 million) in the same period last year.
The company’s total income stood at ₹3.67 billion (~$49.05 million), an 80% increase compared to ₹2.04 billion (~$27.25 million) in the same period the previous year.
In the first half (1H) of FY 2022, the company’s revenue from operations was 10% up to ₹67.47 billion (~$901.1 million) from ₹61.36 billion (~$819.52 million) in 1H FY 2021.
Its total income rose 1% YoY to ₹5.76 billion (~$76.91 million) in 1H 2022 from ₹5.72 billion (~$76.37 million) in the same period last year.
The company stated that its income increased in the quarter because of a significant increase in power demand from commercial and industrial consumers and reduced transmission and distribution (T&D) losses. Its renewable energy generation, which was impacted during the last year’s comparative quarter due to abnormal low wind speed, also increased.
In Q2, the company’s earnings before interest, taxes, depreciation, and amortization (EBIDTA) were up 30% to ₹9.74 billion (~$130.08 million) from ₹7.48 billion (~$99.88 million) in Q2 FY 2021.
However, its EBIDTA declined 1% to ₹17.39 billion (~$232.21 million) in 1H 2022, compared to ₹17.53 billion (~$234.08 million) in the same period last year.
In Q2 FY 2022, 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. Surya Vidyut had 156 MW of wind power projects in Gujarat, Rajasthan, and Madhya Pradesh.
Torrent Power has 787 MW of operational renewable project capacity, with 815 MW of renewable capacity in the pipeline. Of the operational capacity, 649 MW is wind and 138 MW solar. With the recent acquisition of 156 MW of wind projects, the company’s total renewable capacity stands at 1.8 GW.
In Q1 FY 2022, the company reported a 3.05% 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.