Torrent Power Q1 net up 141% on higher renewable PLF, LNG trading 

BL Ahmedabad Bureau | Updated on: Aug 08, 2022

ANDHRA PRADESH, VIJAYAWADA, 05-04-2020: Sun raises through the high tension power cables passing through Krishna district. There will be no problem to the power grid and supply even as the electric bulbs across the country is switched off in response to the nine-minute blackout (Unity of Light) call given by Prime Minister Narendra Modi on Sunday night at 9 p.m. Photo: K.V.S. Giri/ THE HINDU | Photo Credit: KVS GIRI

EBITDA jumps 53 per cent to ₹1,169 crore; attributes higher earnings to a range of factors

Torrent Power Limited posted consolidated net profit of ₹502 crore for the quarter ended June 30, 2022, up 141 per cent from ₹208 crore in the corresponding quarter a year ago.

Consolidated revenue from operations jumped 110 per cent to ₹6,510 crore, against ₹3,099 crore in the same quarter last year.

However, the company purchased electrical energy worth ₹3,825 crore during the quarter as against ₹947 crore in the corresponding period last year, raising the company's total expenses to ₹5,948 crore during the quarter, up by over 107 per cent year-on-year.

Consolidated EBITDA during the quarter stood at ₹1,169 crore as compared to ₹764 crore in the corresponding quarter a year ago, indicating a jump of 53 per cent.

Factors behind high earnings

Torrent Power attributed higher earnings to a range of factors. These include an increase in contribution from renewable generation due to higher PLF and recent acquisitions, gain from trading of LNG, improved performance of licensed distribution businesses, among others.

"The company enjoys a strong balance sheet position with some of the best financial ratios amongst private players in the power sector with Net Debt : Equity ratio of 0.80 as at March 31, 2022 and Net Debt to EBITDA ratio of 2.24 as on March 31, 2022," it said in a statement.

On Monday, Torrent Power shares inched up by 1.47 per cent to close at ₹548.75 on the BSE.

Published on August 08, 2022
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