Torrent Power Q1 profit up 87% to ₹996 crore

The company had reported a net profit of ₹532.28 crore for April-June FY24, as per a BSE filing. Total income rose to ₹9,110.02 crore from ₹7,413.32 crore.

The board also approved sale of 100% equity shares of Torrent Electricals Private Ltd (TEPL) to Torrent Investments Private Ltd (TIPL), the holding company, for ₹85 crore.

The expected date of completion of sale is December 31, 2024. Total revenue of TEPL is ₹651.26 crore, which is 2.40% of the company's total revenue.

The company said it is a related party transaction and on arm’s length.

TIPL is the holding company of Torrent Power and part of the promoter's group.

Torrent Power, a ₹27,183 crore integrated power utility of the ₹41,000 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.

It has an aggregate installed generation capacity of 4,415 MW comprising 2,730 MW of gas-based capacity, 1,323 MW of renewable capacity and 362 MW of coal-based capacity.

Further, renewable projects of 3,077 MW are under development. Total generation capacity, including projects under advanced stages of development, is 7,492 MW.

The company distributes nearly 30 billion units to over 4.13 million customers in Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat, Union Territory of Dadra and Nagar Haveli and Daman and Diu; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.