Torrent power posts 6% rise in Q1 net profit in FY 2024

AHMEDABAD: Integrated power utility company of the Torrent Group, Torrent Power Limited, on Thursday posted a 6% rise in its consolidated net profit for the first quarter of 2023-24. The company’s profit after tax stood at Rs 532.28 crore during the quarter as compared to Rs 502 crore in the corresponding quarter of 2022-23.

The company’s revenue from operations grew 12.5% during the quarter at Rs 7,328 crore. The major reasons for improvement in the Total Comprehensive Income for the quarter include an increase in contribution from merchant power sales in gas-based power plants, an increase in contribution from licensed distribution businesses due to improved performance, lower net gains from LNG trading and lower contribution from renewable business due to lower wind PLF.

Torrent Power, the Rs 25,694 crore integrated power utility of the Rs 37,600 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.