Revenue from operations grew by 12.6% year on year to Rs 7,327.62 crore in the quarter ended 30 June 2023.

Profit before tax for the quarter was at Rs 711.27 crore, up 6% from Rs 671.06 crore recorded in Q1 FY23.

During the quarter, total expenses increased by 12.69% YoY to Rs 6,702.05 crore.

EBITDA stood at Rs 1,270 crore in the Q1 FY24, registering a growth of 9% as compared to Rs 1,169 crore registered in the same period a year ago.

Total comprehensive income (TCI) rose 6% to Rs 534 crore as against Rs 503 crore recorded in the corresponding quarter previous year.

The company said that TCI improved due to increase in contribution from merchant power sales in gas-based power plants and licensed distribution businesses due to improved performance; increase in finance cost and depreciation expense; lower net gain from trading of LNG and lower contribution from renewable business due to lower wind PLF.

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.

Further, renewable projects of 758 MW are under development, for which LOAs have been received and PPA has been executed. Total generation capacity, including projects under advanced stages of development, is 5,039 MW, the company stated.

Meanwhile, the board has approved scheme of arrangement between Torrent Power and Torrent Green Energy (TGEL), a wholly owned subsidiary of the company, on a going concern basis by way of a slump sale with an appointed date of 1 April 2024.

Upon the scheme becoming effective, the company will receive a cash consideration of Rs 1,056.97 crore in one or more tranches, with or without interest within a period of six months from the effective date.

The scheme is subject to the approval of various regulatory / statutory authorities as may be required including stock exchanges and NCLT.

Torrent Power is a private sector integrated power utility engaged in the business of power generation, transmission and distribution.

Shares of Torrent Power slipped 2.96% to Rs 651.20 on the BSE.