Sunday, Nov 28 2021 | Time 13:26 Hrs(IST)
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Business Economy


Torrent Power registers 80 pc increase in TCI during Q2

Ahmedabad, Oct 27 (UNI) Torrent Power Limited, one of the largest private integrated power utility companies in the country with presence across generation, transmission and distribution, has registered an increase of 80 percent in its total comprehensive income (TCI) during the second quarter of the current financial year.

The Gujarat-based company in its financial results for the quarter ended September 30 (Q 2 FY 2021-22) announced today said that its revenue from operations has also gone up in the Q2 FY 22 by 17 percent. In comparison to the revenue from operations at Rs 3129 crores in Q2 FY 21, the company has earned a higher revenue of Rs 3648 crores this time around. The total comprehensive income in the quarter at Rs 367 crores has also gone up by around 80 percent as compared to Rs 204 crores of the corresponding quarter of FY 21.

The company has cited significant reduction in transmission and distribution losses in the Company’s Distribution Franchisee Business, significant increase in electricity demand mainly in commercial and industrial customers in the Company’s Distribution Franchisee Business, significant reduction in provision for doubtful debts in Distribution Franchisee business, which was severely impacted the comparative quarter of last year due to Covid 19 pandemic and increase in contribution from renewables generation, which was impacted in comparative quarter of last year due to abnormally lower wind speed and decrease in interest cost, both due to lower debt and reduction in interest rates as the major reasons for improvement in the TCI for the quarter on year on year basis.

Notably, Torrent Power has an aggregate installed generation capacity of 3,879 MW comprising 2,730 MW of gas-based capacity, 787 MW of renewable capacity and 362 MW of coal-based capacity. It distributes nearly 14.5 billion units to over 3.71 million customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh. The Company has emerged as the highest Bidder for the sale of 51 per cent stake in the Power Distribution Company in the UT of Dadra & Nagar Haveli and Daman & Diu.
UNI RAJ GK
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