Torrent Power Q1 FY23: Profit Sees Two-Fold Surge By Saur News Bureau/ Updated On Tue, Aug 9th, 2022 Highlights : For the April to June quarter (Q1) of the current financial year, the company’s consolidated net profit increased by more than 140% to Rs 502.01 crore from Rs 207.78 crore in the equivalent quarter of the previous financial year 2021–22. The revenue from operations jumped by 110 percent to Rs 6,510 crore in Q1FY23 from Rs 3,099 crore in Q1FY22. Ebitda for the company increased by 53% to Rs 1,169 crore year over year from Rs 764 crore at the same time last year. Leading Ahmedabad-based power player Torrent Power Limited has released its Q1 FY-23 results. For the April to June quarter (Q1) of the current financial year, the company’s consolidated net profit increased by more than 140% to Rs 502.01 crore from Rs 207.78 crore in the equivalent quarter of the previous financial year 2021–22. The revenue from operations jumped by 110 percent to Rs 6,510 crore in Q1FY23 from Rs 3,099 crore in Q1FY22. EBITDA for the company increased by 53% to Rs 1,169 crore year over year from Rs 764 crore at the same time last year. As per the company officials, the major reasons for the improvement in the net profit on a year-on-year (y-o-y) basis include an increase in the contribution from renewable generation, improved performance of licensed distribution businesses, and increase in contribution from franchised distribution business due to electricity demand. The major reasons for the improvement in the Total Comprehensive Income for the quarter on y- o-y basis are: Increase in contribution from renewable generation due to higher PLF and recent acquisitions Gain from trading of LNG Improved performance of licensed distribution businesses Increase in Finance Cost Increase in tax expenses Upcoming Renewable Update of Torrent Power Varun Mehta Is Torrent Power’s New Director On Board In Succession Plan Also Read Solar Energy Corporation of India Limited (SECI) has given a Letter of Award to the company for a 300 MW wind power project, confirming a 25-year long-term Power Purchase Agreement at a rate of 2.94 per kWh, following a competitive bidding process. Two Of The Four Gujarat State Discoms Top All-India Integrated Rating Also Read On July 30, 2022, Torrent Power acquired 100% of paid-up capital of Wind Two Renergy Private Limited (“WTRPL”) from lnox Green Energy Services Limited. This acquisition was made at a face value of ₹32.51 Crore. Upon the acquisition of shares, WTRPL has become a wholly owned subsidiary of Torrent Power. Gujarat is home to a 50 MW wind power facility is operated by WTRPL. With a net debt to equity ratio of 0.80 as of March 31, 2022, and net debt to EBITDA ratio of 2.24 as of the said date, the company has a strong balance sheet position and some of the finest financial ratios among private participants in the power sector. Torrent Power Eyes Expansion Through New Acquisitions & Bids Also Read Tags: Clean Energy, Finance, first quarter result, green energy, India, Q1 FY 23 results, q1fy23 report, Renewable Energy, Solar, Solar Energy, Torrent Power