Latest News | Torrent Power Net Profit Up 82 Pc at Rs 367 Cr in Sept Quarter

New Delhi, Oct 27 (PTI) Torrent Power on Wednesday posted an over 82 per cent jump in net profit at Rs 366.84 crore for the September quarter, mainly on the back of higher revenues.

Its net profit stood at Rs 202.17 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

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Total income increased to Rs 3,683.69 crore from Rs 3,166.10 crore in the year-ago period.

Torrent Power further said it enjoys a strong balance sheet position with some of the best financial ratios among private players in the sector, with debt to equity ratio at 0.69 as on September 30, 2021, and net debt to EBITDA ratio of 1.98 as on March 31, 2021.

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During the quarter, the company entered into a share purchase agreement with CESC Limited, Haldia Energy Limited and other nominal shareholders for the acquisition of 100 per cent of the share capital of Surya Vidyut Limited, which operates 156 MW wind power plants in Gujarat, Rajasthan and Madhya Pradesh.

The enterprise value estimated for this acquisition is about Rs 790 crore subject to closing price adjustments, it said.

Long-term Power Purchase Agreements (PPAs) for the projects are with respective state discoms for a period of 25 years.

The acquisition is subject to customary conditions for transaction closure, the filing added.

Torrent Power, the Rs 12,173-crore integrated power utility of the Rs 20,500 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.

The company has an aggregate installed generation capacity of 3,879 MW, comprising 2,730 MW of gas-based capacity, 787 MW of renewable capacity and 362 MW of coal-based capacity.

Besides, renewable projects of 815 MW are under development.

The company distributes nearly 14.5 billion units to over 3.71 million customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra; and Agra in Uttar Pradesh.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)