Torrent Power on Wednesday recorded an increase of more than 82 percent in net profit at Rs 366.84 crore for the September quarter, mainly due to higher revenue. Its net profit stood at Rs 202.17 crore in the corresponding quarter of the previous fiscal year, the company said in a BSE presentation. Total income increased to Rs 3,683.69 crore from Rs 3,166.10 crore in the prior year period. Power of the torrent It also said that it enjoys a solid position on the balance sheet with some of the best financial ratios among private players in the sector, with a debt-to-equity ratio of 0.69 as of September 30, 2021 and net debt at EBITDA ratio of 1.98 as of March 31, 2021. During the quarter, the company entered into a share purchase agreement with CESC Limited, Haldia Energy Limited and other nominal shareholders for the acquisition of 100 percent of the capital stock of Surya Vidyut Limited, which operates 156 MW wind power plants in Gujarat, Rajasthan and Madhya Pradesh. The estimated business value for this acquisition is approximately Rs 790 million subject to closing price adjustments, it said. The long-term Power Purchase Agreements (PPA) for the projects are with the respective states for a period of 25 years. The acquisition is subject to customary closing conditions, the presentation added. Power of the torrent, the Rs 12,173-crore integrated power company from the Rs 20,500 crore Torrent Group, is one of the largest companies in the country's electricity sector with a presence throughout the energy value chain: generation, transmission and distribution. The company has an aggregate installed generation capacity of 3,879 MW, comprising 2,730 MW of gas-fired capacity, 787 MW of renewable capacity and 362 MW of coal-fired capacity. In addition, 815 MW renewable projects are under development. The company distributes almost 14.5 billion units to more than 3.71 million customers in the cities of Ahmedabad, Gandhinagar, Letter, Dahej SEZ and Dholera SIR in Gujarat; Bhiwandi, Shil, woman and Kalwa in Maharashtra; and Agra in Uttar Pradesh.
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