Torrent Power posts Rs 450-cr net profit in fourth quarter

New Delhi [India], May 29 : Torrent Power has posted Rs 450 crore as net profit for the quarter ended March 31, 2023. The company had incurred a loss of Rs 488 crore in the year-ago period.

According to the company, its revenue went up 61.3 per cent to Rs 6,038 crore for the quarter ended March 31, 2023, against Rs 3,743.7 crore in the corresponding period the previous year.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) went up 10 per cent to Rs 1,090.4 crore in the quarter under review, against Rs 990.6 crore during the corresponding period the previous year.

Torrent Power has informed the exchanges that its board of directors at its meeting held on May 29, recommended a final dividend of 4 per equity share.

The shares of Torrent Power went up 0.58 per cent and settled at Rs 555.70 apiece in closing on Monday. Five days ago, Torrent Power announced the award of turnkey work for a 300 MW Wind Power Project to be developed in Karnataka.

The company won this project through competitive bidding in SECI Tranche XII and entered the PPA in March 2023, a statement said. According to the statement, Suzlon will install 100 wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 3 MW each. The project is located in Karnataka and expected to be commissioned in 2025.

Suzlon will supply the wind turbines, provide land and execute the project, including erection and commissioning. Suzlon will also provide comprehensive operations and maintenance services post-commissioning.

Girish Tanti, Vice Chairman, Suzlon Group, said, "Suzlon and Torrent have a long association of building several wind energy projects over the years. We are delighted to further strengthen this partnership with the deployment of our most powerful turbine technology via the new 3 MW series."