Ahmedabad, India – February 04, 2025 – Torrent Power Limited (NSE: TORNTPOWER, BSE: 532779) reported its financial results for the quarter and nine months ended December 31, 2024. The company delivered robust operational and financial performance, driven by strong revenue growth and disciplined cost management. Additionally, the board has announced an interim dividend of ₹14 per equity share for FY 2024-25.
Key Financial Highlights (Standalone)
(₹ in Crore except per share data)| Particulars | Q3 FY25(31.12.2024) | Q2 FY25(30.09.2024) | Q3 FY24(31.12.2023) | 9M FY25 | 9M FY24 | FY24 (Audited) |
|---|---|---|---|---|---|---|
| Revenue from Operations | 4,746.26 | 5,287.56 | 4,680.77 | 17,220.21 | 15,170.37 | 19,956.96 |
| Total Income | 4,908.36 | 5,488.34 | 4,773.39 | 17,728.14 | 15,503.70 | 20,489.60 |
| Profit Before Tax (PBT) | 584.89 | 641.42 | 521.70 | 2,454.05 | 1,825.51 | 2,446.27 |
| Net Profit | 368.70 | 464.13 | 383.74 | 1,761.21 | 1,354.51 | 1,798.03 |
| Earnings Per Share (Basic & Diluted ₹) | 7.56 | 9.66 | 7.98 | 36.47 | 28.18 | 37.41 |
Segment-Wise Performance (Consolidated)
(₹ in Crore)| Segment | Q3 FY25 Revenue | Q3 FY24 Revenue | 9M FY25 Revenue | 9M FY24 Revenue |
|---|---|---|---|---|
| Generation | 1,423.75 | 1,590.01 | 6,934.95 | 5,783.02 |
| Transmission & Distribution | 5,816.98 | 5,820.56 | 19,347.94 | 18,793.62 |
| Renewables | 216.51 | 229.79 | 815.07 | 887.70 |
| Total Revenue | 7,457.24 | 7,640.36 | 27,097.96 | 25,464.34 |
| Less: Inter-segment Revenue | (957.86) | (1,274.27) | (4,389.04) | (4,809.71) |
| Net Revenue | 6,499.38 | 6,366.09 | 22,708.92 | 20,654.63 |
Key Corporate Developments
- Interim Dividend Declared: The board has approved an interim dividend of ₹14 per equity share of ₹10 each. The record date for determining eligible shareholders is February 12, 2025, and the dividend will be paid on or before March 6, 2025.
- Qualified Institutional Placement (QIP): Raised ₹3,500 crore through QIP by issuing 2,32,86,759 equity shares at ₹1,503 per share. The funds have been partially utilized and remaining funds are temporarily invested.
- Scheme of Arrangement Approved by NCLT: The National Company Law Tribunal (NCLT) approved the transfer of 316.60 MW of renewable assets to Torrent Green Energy Private Limited (TGEPL) effective April 1, 2024.
Management Commentary
Jinal Mehta, Vice Chairman & Managing Director, stated: "Our performance in Q3 FY25 reflects strong execution across business verticals. The growth in Transmission & Distribution has been encouraging, and we continue to invest in sustainable energy projects. The approval of the Scheme of Arrangement and our successful QIP further strengthen our balance sheet and position us for long-term growth."Financial Stability and Key Ratios
(Standalone Financials - as of Q3 FY25)| Ratio | Q3 FY25 | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Debt to Equity Ratio | 0.54 | 0.68 | 0.64 |
| Debt Service Coverage Ratio | 2.60 | 3.37 | 3.21 |
| Interest Service Coverage Ratio | 4.38 | 5.53 | 5.15 |
| Current Ratio | 3.13 | 2.36 | 1.77 |
| Net Profit Margin (%) | 7.77% | 8.78% | 8.20% |
Strategic Outlook
Torrent Power remains committed to expanding its renewable energy portfolio while ensuring efficient operations in its transmission and distribution business. The QIP fundraise and NCLT-approved Scheme of Arrangement will help streamline operations and drive long-term value for stakeholders.With strong profitability, healthy leverage ratios, and stable dividend payouts, Torrent Power is well-positioned to capitalize on growth opportunities in India's energy sector.
Stock Performance Outlook
The company’s strong earnings and dividend payout are expected to support its stock price in the near term. Investors may watch for future updates on capacity expansion, regulatory developments, and new power purchase agreements.
