Torrent Power Restricted has posted a consolidated revenue after tax (PAT) of Rs 398.10 crore for the quarter ended March 31, 2021, based mostly on its submitting with inventory exchanges. The corporate had incurred a web lack of Rs 273.94 crore in This autumn of earlier fiscal 2019-20.
Nonetheless, as a result of Covid-19 pandemic and stress within the energy sector, the corporate’s consolidated revenue rose marginally by three per cent to Rs 3,116.54 crore for the quarter, from Rs 3,020.84 crore in This autumn of final 12 months.
On an annual foundation, Torrent Power registered a close to 10 per cent development in its consolidated PAT for the total fiscal 2020-21 at Rs 1,295.87 crore, as in opposition to Rs 1,178.88 crore in earlier fiscal 2019-20. The impression of the pandemic was seen within the almost 11 per cent dip in its consolidated whole revenue for FY21 at Rs 12,314.47 crore, down from Rs 13,818.22 crore in FY20.
Torrent Energy’s whole complete revenue (TCI), nevertheless, rose by 13 per cent to Rs 1,299.98 crore for FY21. The corporate attributed components like greater restoration of carrying price pertaining to earlier years in comparison with earlier 12 months because of beneficial orders from the Appellate Tribunal for Electrical energy, greater achieve from buying and selling of LNG partially compensated by decrease contribution from service provider energy gross sales, and reduce in curiosity price, each because of decrease debt and discount in rates of interest, amongst others.
Commenting on the outcomes, Torrent Power Ltd chairman Samir Mehta stated that regardless of the impression of Covid-19 pandemic and important stress within the energy sector, the corporate continued to ship trade main returns within the non-public sector on account of its technique to pursue risk-adjusted worthwhile alternatives, sturdy execution capabilities and concentrate on operational excellence. “With our sturdy steadiness sheet, the Firm will proceed to pursue worthwhile development alternatives throughout all the worth chain of the Energy sector.”
Throughout FY21, Torrent Energy had emerged as the best bidder for the acquisition of 51 per cent stake within the energy distribution firm within the UT of Dadra & Nagar Haveli and Daman & Diu. This acquisition will considerably enhance Torrent’s place because the main energy distribution firm within the nation with a presence in 12 cities throughout three States and one Union Territory.
The takeover of the operations, nevertheless, is at present sub-judice.
Additional, the corporate emerged because the winner for 700 Mw of photo voltaic capability, of which LOAs have already been obtained for 400 Mw.
In the meantime, Torrent Energy had a web debt discount of Rs 1,093 crore throughout the 12 months, with borrowings at Rs 7,808 crore as on March 31, a debt fairness ratio of 0.73 and web debt to EBITDA ratio of 1.98.