Torrent Power’s Total Income Hits Rs 2,171 Cr For FY23
Torrent Power on Monday announced financial results for the quarter and year ended 31 March 2023. The company’s total comprehensive income (TCI) for FY23 is higher at Rs 2,171 crore compared to Rs 1,389 crore for FY22 representing an increase of 56 per cent.
According to the media release, the major reasons for the improvement in the adjusted TCI are an increase in contribution from existing licensed distribution businesses due to improved performance and contribution from the operations of Union Territory of Dadra and Nagar Haveli and Daman and Diu which has been taken over from 1 April 2022.
Other reasons include an increase in contribution from franchised distribution business due to a reduction in T&D losses on account of continuous and sustained focus on loss reduction activities and an increase in electricity demand, an increase in contribution from renewable generation due to acquisitions and net gain from trading of LNG.
The company has a strong balance sheet position with some of the best financial ratios amongst private players in the power sector with a debt: equity ratio of 0.92 and net debt to EBITDA ratio of 1.97 as on 31 March 2023.
Commenting on the results, the Company’s Chairman, Samir Mehta said, “FY23 has been an eventful year for the Company. During the year, we successfully integrated 5 acquisitions – the licensed distribution businesses of Daman & Diu and Dadra Nagar Haveli, wind power plants of 156 MW and solar power plants of 125 MW. The Company incurred a capex of Rs 2,938 Crs during the year. We also successfully navigated through the volatility in LNG prices on account of the Russia – Ukraine war.”
The Board has recommended a final dividend of Rs 4 per equity share for FY 2022-23. This final dividend along with an interim dividend of Rs 22 per equity share works out to a total dividend of Rs 26 per equity share (including Rs 1 per equity share as a special dividend) for the FY 2022-23.
Torrent Power, the Rs 25,694 crore integrated power utility of the Rs 37,000 crore Torrent Group, is one of the country’s largest companies with a presence across the entire power value chain – generation, transmission and distribution.
