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Torrent Power’s Q1 Revenue up 111% YoY; Acquired Major RE Generation Capacity Recently

Ahmedabad-headquartered Torrent Power has reported a revenue of Rs. 6,619 crore for the first quarter of 2022-23, which is a huge 111% jump from its Rs. 3,135 crore revenue reported for Q1 of FY-22. As for the profit, the company reported Rs. 502 crore as its Profit After Tax (PAT) for the first quarter of the ongoing fiscal.

Some of the major recent acquisitions by the company include acquiring 51% equity share in Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation in March 2022. Torrent Power also acquired Inox Green Energy Service’s 100% stake in Wind Two Renergy for Rs. 32.51 crore in July 2022. In June 2022, the company also signed an agreement to acquire 100% shares of Sunshakti Solar Power Projects which operates a 50 MW solar project in Telangana for Rs. 417 crore. Apart from these acquisitions, Torrent Power has also signed a share purchase agreement to acquire 100% equity share in Visual Percept Solar Projects, an SPV of Balrampur Chini Mills and Blue Diamond Properties for Rs. 163 crore.