Torrent Power reports Q4 FY 2022-23 results.
Torrent Power Limited (the “Company”) today announced financial results for the quarter and year ended March 31, 2023.
Total Comprehensive Income (TCI) for FY 23 is higher at ₹ 2,171 crs compared to ₹ 1,389 crs for FY 22 (adjusted for net DGEN Impairment charge of ₹ 928 Crs (net of deferred tax reversal)) representing an increase of 56%. The major reasons for improvement in the adjusted TCI are:
- 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 (DNH & DD) which has been taken over from 1st April, 2022;
- Increase in contribution from franchised distribution business due to reduction in T&D losses on account of continuous and sustained focus on Loss reduction activities and increase in electricity demand;
- Increase in contribution from renewable generation due to acquisitions;
- Net gain from trading of LNG;
ò Increase in Finance Cost;
ò Increase in tax expenses;
The Company enjoys a strong balance sheet position with some of the best financial ratios amongst private players in the power sector with Debt : Equity ratio of 0.92 and Net Debt to EBITDA ratio of 1.97 as on March 31, 2023.
Commenting on the results, the Company’s Chairman, Mr Samir Mehta said “FY 23 has been an eventful year for the Company. During the year, we successfully integrated 5 acquisitions – licensed distribution business 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.
Given the Company’s strong balance sheet and unique positioning as an integrated power utility, the Company is well poised to pursue growth opportunities across the entire power value chain.”
The Board has recommended final dividend of ₹ 4.00 per equity share for FY 2022-23. This final dividend along with interim dividend of ₹ 22.00 per equity share works out to total dividend of ₹ 26.00 per equity share (including ₹ 13.00 per equity share as a special dividend) for the FY 2022-23.
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