Torrent Power signs MoU with Maharashtra government for 5,600 MW water pump project

Torrent Power informed the exchanges on September 3 that it has entered into a fresh MoU with the Department of Water Resources, Government of Maharashtra, to establish Pumped Storage projects with a total capacity of 5,600 MW.

In an earlier MoU signed with the Department of Energy of Maharashtra in June 2023, the capacity of the pumped storage project was set at 5,700 MW.

In a recent development, last week, Torrent Power moved the National Company Law Appellate Tribunal (NCLAT) to challenge the NCLT order approving Sarda Energy and Mining's (SEML) resolution plan for the debt-ridden SKS Power Generation.

Earlier on August 19, the Mumbai bench of the National Company Law Tribunal (NCLT) rejected Torrent Power’s application to acquire SKS Power Generation (Chhattisgarh) and approved Sarda Energy and Mining's bid. The power generation company raised objections over the selection process and contended that it had proposed the highest upfront payment.

Torrent Power’s consolidated revenue from operations for the quarter ended June 30 of FY25 increased more than 23% to ₹9,033.73 crore compared to ₹7,327.62 crore in the corresponding quarter of the preceding fiscal. Sequentially, the company’s revenue from operations increased more than 38% from ₹6,528.58 crore in the quarter ended March 31, 2024.

Torrent Power’s Profit-After-Tax (PAT) in Q1FY25 increased more than 87% to ₹996.34 crore compared to ₹532.28 crore in Q1FY24. The company’s net profit for Q1FY25 surged nearly 123% quarter-on-quarter from ₹447.04 crore in Q4FY24.

Torrent Power is a part of the Torrent Group. The company operates across power generation, transmission, distribution and also manufactures power cables.

Shares of Torrent Power have gained nearly 136% in the last one year. The power sector stock has given Year-To-Date (YTD) returns of over 78%. In the past six months the stock has climbed more than 45%. However, in the last one month the stock has dropped over 6%.

Torrent Power shares were trading 0.78% higher at ₹1,725 apiece on the NSE at 2:30 pm.