Gujarat-based power company Torrent Power posted a profit after tax of ₹5.32 billion (~$64.3 million) for the first quarter (Q1) of the financial year (FY) 2023-24, a year-over-year (YoY) increase of 6% due to an increase in contribution from merchant power sales in gas-based power projects, and contribution from licensed distribution businesses due to improved performance.

The company’s revenue increased by 13% YoY to ₹73.28 billion (~$885.4 million).

Torrent Power’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the April-June quarter grew by 9% YoY to ₹12.7 billion (~$153.4 million).

The company has a total installed capacity of 4,281 MW, which includes 2,730 MW gas-based sources, 1,189 MW renewable sources, and 362 MW coal-based sources.

The company said there are ongoing developments for renewable projects totaling 758 MW, for which letters of approval have been received, and power purchase agreements have been finalized.

Accounting for projects in advanced stages of development, the overall generation capacity of the company reached 5,039 MW as of June 2023.

During the quarter, the company’s solar generation capacity rose to 121 million units (MU) from 91 MU. This expansion was accompanied by an increase in the plant load factor, which climbed from 19.6% to 21.1%.

Wind generation capacity also grew to 505 MU from 469 MU. However, there was a slight decline in the plant load factor, which dipped from 33.4% a year ago to 30.5%.

During the last quarter earnings call, Torrent Power disclosed its plans to achieve a 5 GW renewable energy portfolio over the next three to five years through inorganic acquisitions and greenfield projects. The company also disclosed that it had been allocated 6,000 hectares of land in Gujarat, where it plans to set up ~3 GW of renewable projects encompassing both solar and wind energy.

In June 2023, the company raised ₹6 billion (~$72.5 million) through the issuance of non-convertible debentures on a private placement basis. The company issued and allotted 60,000 Series 11 (series 11A- 11F) secured, rated, listed, taxable, non-cumulative, redeemable, and non-convertible debentures of ₹100,000 each (~$1,208).