Torrent Power Q4 Results: Net profit more than doubles to Rs 1,077 crore
Torrent Power on Wednesday posted an over two-fold (141 per cent) surge in its consolidated net profit at Rs 1,077.22 crore in March quarter compared to a year ago, mainly due to reversal of deferred tax liabilities of Rs 637.09 crore. The company had a consolidated net profit of Rs 447.04 crore in the quarter ended on March 31, 2024, a BSE filing showed.
ADVERTISEMENT Total income slightly dipped to Rs 6,570.69 crore in the reporting quarter from Rs 6,625.45 crore in the same period a year ago.
The company explained that the management has carried out detailed assessment of deferred tax on temporary differences that are expected to reverse during the period in which the company would be under the new tax regime. Accordingly, it applied the new income tax rate of 25.168 per cent as compared to the existing income tax rate of 34.944 per cent for measuring the said deferred tax in accordance with the requirements of Ind AS 12 "Income Taxes".
This has resulted in reversal of deferred tax liabilities of Rs 637.09 crore during the year, it stated.
The company's board has also recommended a final dividend of Rs 5 per equity share on 50,39,03,543 equity shares of Rs 10 each. The final dividend, if declared by the members at the ensuing Annual General Meeting will be paid on or before September 4, 2025.
ADVERTISEMENT Earlier, an interim dividend of Rs 14 per equity share was paid during Q4 FY 2024-25. The total dividend for FY25 stands at Rs 19 per equity share, comprising the interim dividend of Rs 14 per equity share and the final divided of Rs 5 per share.
ADVERTISEMENT The board has also approved a proposal to raise funds via issuance of Non-Convertible Debentures up to Rs 3,000 crore in one or more tranches through private placement. The company further said its consolidated net profit for the fiscal 2024-25 rose to Rs 3,058.61 crore from Rs 1,896 crores in the preceding financial year.
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It stated that the major reasons for higher profit for the fiscal are increase in contribution from gas-based power plants as well as higher contribution from licensed and franchised distribution businesses. Besides, decrease in tax expenses mainly due to reversal of deferred tax liabilities of Rs 637 crore being one-time and non-cash item contributed to the company's annual profit, it said, adding that there was also a gain on sale of non-current investments.
ADVERTISEMENT Lower contribution from renewable businesses due to lower PLF (plant load factor) on account of inclement weather conditions and partial commissioning of solar project currently under stabilisation period also contributed to higher profits. Capex and commissioning of additional renewable generation capacities lead to increase in finance and depreciation costs, it stated.
The Company enjoys a strong balance sheet position with one of the best financial ratios amongst private players in the power sector with the net debt-to-equity ratio of 0.40 and net debt-to-EBITDA ratio of 1.41 as on March 31, 2025. Torrent Power Chairman Samir Mehta said in the statement, "FY25 was a transformative year for the company, marked by significant advancements across operational, financial and strategic growth initiatives." He noted that during the year, the company completed its highly successful maiden equity raise of Rs 3,500 crore through QIP, which was also the first equity raise by the Torrent Group in the last three decades. According to Mehta, distribution business continued to set new operational benchmarks with Distribution loss of 2.34 per cent in our licensed distribution business, he stated.
"In our franchised distribution areas, Agra achieved its historic low AT&C losses of 6.94 per cent compared to 58.77 per cent when we took over the operations in Agra in 2010," he said.
He was of the view that the company is well-poised for the next phase of growth with under-construction pipeline of more than 3 GW of renewable projects and 3 GW of pump storage hydro power project along with a robust balance sheet.
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