Torrent Power net profit rises 31 pc to Rs 484 crore in July-September

Torrent Power on Thursday posted over 31 per cent rise in its consolidated net profit at Rs 484.19 crore in September quarter compared to a year ago, mainly due to higher revenues.

The consolidated net profit of the company was Rs 368.84 crore in the quarter ended on September 30, 2021, a BSE filing showed.

Total income of the company rose to Rs 6,797.2 crore in the quarter from Rs 3,683.69 crore in the same period a year ago.

Major reasons for improvement in the total comprehensive income for the quarter on y-o-y (year-on-year) basis are: increase in contribution from franchised distribution business due to reduction in T&D (Transmission and Distribution) losses on account of continuous and sustained focus on loss reduction activities and increase in electricity demand; improved performance of licensed distribution businesses, and net gain from trading of LNG (gas), among others, it stated.

The company has an aggregate installed generation capacity of 4,160 MW comprising 2,730 MW of gas-based capacity, 1,068 MW of renewable capacity and 362 MW of coal-based capacity.

Further, renewable projects of 715 MW are under development, for which LOAs (letter of award) have been received and PPA (Power Purchase Agreement) has been executed. Total generation capacity, including under development capacity, will be 4,875 MW with renewable capacity of 1,783 MW.

The company distributes nearly 26 billion units to over 3.94 million customers in Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat, Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD); Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra; and Agra in Uttar Pradesh.

Torrent Power, the Rs 14,258-crore integrated power utility of the Rs 23,500- crore Torrent Group, is one of the largest companies in the country's power sector with presence across the entire power value chain -- generation, transmission and distribution.