Torrent Power reported a 88 percent jump in Q3FY23 net profit

Torrent Power Ltd on Tuesday reported an 88% jump in net profit at INR 694.5 crore for the third quarter that ended December 31, 2022. Net profit for the year-ago period was INR 369.4 crore.

During the quarter, total revenue stood at INR 6,442.8 crore, up 71 per cent against INR 3,767.4 crore in the year ago period. At the operating level, EBITDA rose 53 percent to INR 1,527 crore in the third quarter of this fiscal over INR 1000 crore in the year ago period.

The board has approved an interim dividend of INR 22 per equity share (including INR 13 per equity share as a special dividend).

Torrent Power is present across the entire power value chain – generation, transmission, and distribution. The company has an aggregate installed generation capacity of 4,160 MW comprising 2,730 MW of gas-based capacity, 1,068 MW of renewable capacity, and 362 MW of coal-based capacity.

Further, renewable projects of 736 MW are under development, for which LOAs have been received and PPA has been executed for 428 MW. Total generation capacity, including under-development capacity, will be 4,896 MW with a renewable capacity of 1,804 MW.