Gujarat-based power generation company Power of the torrent reported its financial results for the first quarter (Q1) of financial year (FY) 2022 and posted 3.05% year-on-year growth in its operating income to ₹ 30.99 billion (~ $ 417.57 million) from ₹ 30.07 billion (~ $ 405.17 million) in the same period last year.
However, the company's total revenue stood at ₹ 2.08 billion (~ $ 28.02 million), a 44.3% year-on-year decrease compared to ₹ 3.74 billion (~ $ 50.37 million) in the same period last year.
The company stated that both quarters were affected by specific items. The current quarter has a net one-time charge of ₹ 210 million (~ $ 2.82 million), and the first quarter of fiscal 2020-21 had a net profit of ₹ 2.34 billion (~ $ 31.52 million) . Adjusted for these, total revenue is up 72% YoY to ₹ 23 billion from ₹ 13.4 billion.
Torrent Power said that significant reductions in transmission and distribution losses in the franchised distribution business, a decrease in cost of interest and a lower contribution from commercial power sales in the gas-based businesses were important reasons. for improvement in total adjusted income.
In the first quarter of fiscal 2022, the company's earnings before interest, taxes, depreciation and amortization (EBIDTA) decreased 23.90% year-on-year to ₹ 7.64 billion (~ $ 102.93 million) from ₹ 10.04 billion (~ $ 135.26 million) in the first quarter of fiscal 2021.
According to the financial statement, the company's earnings per share (from ₹ 10 (~ $ 0.13) / each) decreased to ₹ 4.30 (~ $ 0.058) in the first quarter of fiscal 2021-22 from ₹ 7.75 (~ $ 0.10) in the same period last year.
According to Torrent Power, it has 787 MW of renewable capacity (649 MW of wind energy and 138 MW of solar energy), and 815 MW of renewable capacity are in the pipeline. With the recent acquisition of a 50 MW solar project, the company's total renewable capacity stood at 1.65 GW to date.
Earlier this month, the company signed an agreement with Lightsource India and Lightsource Renewable Energy to acquire 100% of the share capital and all the securities of the special purpose vehicle (SPV) Lightsource Renewable Energy Holdings Limited (LREHL) Renewables India SPV1, which operates a 50 MW solar project.
Torrent Power is also configured to get 300 MW power from grid-connected solar projects in Gujarat.
In fiscal year 2021, the company reported a total comprehensive income of ₹ 13 billion (~ $ 177.61 million), up 13% compared to ₹ 11.5 billion (~ $ 157.11 million) in the same period last year.
Harsh is a staff reporter for Mercom India. Previously with Indian Express, he has covered general interest stories. She has a master's degree in journalism from the Symbiosis Institute of Media and Communication, Pune.
