Torrent Power's share price declined by 0.1 percent on August 11, a day after the company announced its Q1FY24 earnings.
Torrent Power reported a 6% YOY increase in consolidated net profit at Rs 532.3 crore for the quarter ending June 2023 against Rs 502.01 crore a year ago. Revenue increased by 12.55% YoY to Rs 7,327.6 crore in Q1FY24 Vs Rs 6,618.62 crore YoY.
While the Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased 11.7 percent to Rs 1,184.8 crore for the June quarter, the EBITDA margin declined to 16.2 percent from 16.3 percent in Q1FY23.
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Torrent Power is a leading Indian power and energy company under the Torrent Group. It is an integrated power utility player with interests in power generation, transmission, distribution and manufacturing and supply of power cables. The company has an aggregate installed generation capacity of 4,281 MW comprising 2,730 MW of gas-based capacity, 1,189 MW of renewable capacity, and 362 MW of coal-based capacity. The power major, distributes energy to around 4 million customers across Ahmedabad, Gandhinagar, Surat and Dahej SEZ and Dholera SIR, Bhiwandi, Shil, Mumbra and Kalwa, Agra as well as Dadra & Nagar Haveli and Daman and Diu.
In July 2023, Torrent Power announced the unveiling of four EV charging stations in Ahmedabad in partnership with SIEMENS. This marked the power majors’ foray into the electric mobility infrastructure sector.
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