Consolidated net sales (including other operating income) of Torrent Power for the quarter ended Jun 2023 has increased 12.55% to Rs 7327.62 crore. Operating profit margin has declined from 16.29% to 16.17%, leading to 11.73% rise in operating profit to Rs 1,184.78 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 1.83% to 1.48%. Purchase of finished goods cost fell from 2.90% to 0.83%. Employee cost decreased from 2.18% to 2.00%. Other expenses rose from 76.82% to 79.51%. Power and Oil fuel cost rose from 72.47% to 74.52%. Other income fell 20.88% to Rs 85.7 crore. PBIDT rose 8.71% to Rs 1270.48 crore. Provision for interest rose 22.19% to Rs 227.25 crore. PBDT rose 6.15% to Rs 1043.23 crore. Provision for depreciation rose 6.50% to Rs 331.96 crore. Profit before tax grew 5.99% to Rs 711.27 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 178.99 crore, compared to Rs 169.05 crore. Effective tax rate was 25.16% compared to 25.19%. Net profit attributable to owners of the company increased 3.02% to Rs 517.27 crore.
The major reasons for improvement in bottomline for the quarter on yo-y basis are: - Increase in contribution from merchant power sales in gas-based power plants;
- Increase in contribution from licensed distribution businesses due to improved
performance;
- Lower net gain from trading of LNG;
- Lower contribution from renewable business due to lower wind PLF;
- Increase in Finance Cost and Depreciation Expense.
Other key updates
The Company has an aggregate installed generation capacity of 4,281 MW comprising of
2,730 MW of gas-based capacity, 1,189 MW of renewable capacity and 362 MW of coalbased 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 distributes nearly 28 billion units to over 4.03 million customers in the cities
of 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.
Torrent Power is widely considered to be the leading power distributor in India and in its
licensed areas in Gujarat has the distinction of having the lowest AT&C losses and best
reliability indices in the country. Promoters’ stake was 53.57% as of 30 June 2023 ,compared to 53.57% as of 30 June 2022 .
| Torrent Power : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 7,327.62 | 6,510.31 | 12.55 | 25,694.12 | 14,257.61 | 80.21 | | OPM (%) | 16.17 | 16.29 | -12 bps | 18.52 | 25.19 | -667 bps | | OP | 1,184.78 | 1,060.42 | 11.73 | 4,758.67 | 3,591.00 | 32.52 | | Other Inc. | 85.70 | 108.31 | -20.88 | 381.85 | 235.04 | 62.46 | | PBIDT | 1,270.48 | 1,168.73 | 8.71 | 5,140.52 | 3,826.04 | 34.36 | | Interest | 227.25 | 185.98 | 22.19 | 818.20 | 628.21 | 30.24 | | PBDT | 1,043.23 | 982.75 | 6.15 | 4,322.32 | 3,197.83 | 35.16 | | Depreciation | 331.96 | 311.69 | 6.50 | 1280.96 | 1333.86 | -3.97 | | PBT | 711.27 | 671.06 | 5.99 | 3041.36 | 1863.97 | 63.17 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 711.27 | 671.06 | 5.99 | 3041.36 | 1863.97 | 63.17 | | EO Income | 0 | 0 | - | 0 | -1300 | - | | PBT after EO | 711.27 | 671.06 | 5.99 | 3041.36 | 563.97 | 439.28 | | Taxation | 178.99 | 169.05 | 5.88 | 876.69 | 105.27 | 732.80 | | PAT | 532.28 | 502.01 | 6.03 | 2164.67 | 458.7 | 371.91 | | Minority Interest (MI) | 15.01 | -0.1 | PL | 47.24 | 4.73 | 898.73 | | Net profit | 517.27 | 502.11 | 3.02 | 2117.43 | 453.97 | 366.43 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 517.27 | 502.11 | 3.02 | 2117.43 | 453.97 | 366.43 | | EPS (Rs)* | 10.76 | 10.45 | 3.02 | 44.06 | 31.22 | 41.12 | | | * EPS is on current equity of Rs 480.62 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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