Torrent Power's Q2 net profit rises 13% YoY to Rs 838 crore

Mumbai: Torrent Power's net profit rose 13% year-on-year to ₹838 crore for the September quarter, supported by stronger revenue and operating performance across its distribution and renewable energy businesses and the consolidation of its Nabha acquisition.

Revenue for the quarter rose 24.5% to ₹9,802 crore from ₹7,876 crore a year earlier, the company said on Wednesday. Ebitda increased 15.5% to ₹1,739 crore, compared with ₹1,506 in the year ago period. However, Ebitda margin narrowed to 18% from 19% a year ago, with higher finance costs partly offsetting the improvement in operating performance.

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The company reported an incremental contribution of ₹105 crore in the quarter, primarily driven by improved operational performance across its distribution businesses and a stronger showing from its renewable energy portfolio.

Higher plant load factors and contributions from projects commissioned in the period supported the renewable energy business.

However, higher borrowings led to an increase in finance costs, partly offsetting these gains.

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Torrent Power has an aggregate installed generation capacity of 6.8 GW, comprising 2.7 GW of gas-based capacity, 2.3 GW of renewable, and 1.8 GW of coal-based capacity.

It is also developing 4.3 GW of renewable energy projects, 3 GW of pumped storage capacity and 1.6 GW of coal-based power capacity.