Torrent Power reported ₹483.93 crore consolidated net profit in the March 2023 quarter, mainly on the back of higher revenues. The company had reported a consolidated net loss of ₹487.37 crore in the quarter ended March 2022, a BSE filing showed. Its total income rose to ₹6,133.70 crore in the quarter from ₹3,840.59 crore in the year-ago period.
The consolidated net profit in the fiscal 2022-23 rose to ₹2,164.67 crore from ₹458.70 crore in the previous fiscal. Its total income in the fiscal increased to ₹26,075.97 crore against ₹14,492.65 crore in 2021-22.
Board has recommended a final dividend of ₹4 per equity share for 2022-23. This final dividend along with an interim dividend of ₹22.00 per equity share works out to a total dividend of ₹26.00 per equity share (including ₹13.00 per equity share as a special dividend) for the 2022-23.
Final dividend, if declared by the members at the ensuing AGM, will be paid to the members, subject to deduction of tax at source on or before September 8, 2023.
The board also approved a proposal to issue non-convertible debentures worth up to ₹3,000 crore in one or more tranches by way of private placement, subject to the approval of the members in the ensuing annual general meeting (AGM).
Torrent Power enjoys a strong balance sheet position with some of the best financial ratios among private players in the power sector with a Debt: Equity ratio of 0.92 and a Net Debt to EBITDA ratio of 1.97 as of March 31, 2023, the company said in a separate statement.
Torrent Power Chairman Samir Mehta said, “FY23 has been an eventful year for the Company. During the year, we successfully integrated 5 acquisitions – licensed distribution businesses of Daman & Diu and Dadra Nagar Haveli, wind power plants of 156 MW and solar power plants of 125 MW. The company incurred a capex of ₹2,938 crore during the year”.
The company also successfully navigated through the volatility in LNG prices on account of the Russia-Ukraine war, he said.
Given the company’s strong balance sheet and unique positioning as an integrated power utility, it is well poised to pursue growth opportunities across the entire power value chain, he noted.
Torrent Power, the ₹25,694 crore integrated power utility of the ₹37,000 crore Torrent Group, is one of the largest companies in the country’s power sector with a presence across the entire power value chain – generation, transmission and distribution.
The company distributes nearly 28 billion units to over 4.03 million customers in Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat, Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD); Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.
