Torrent Power

TORRENT POWER Q4 CONCALL HIGHLIGHTS ■ Merchant Power Outlook : FY25 merchant contribution: ₹740–750 Cr Plan to double merchant wind capacity to 400 MW Demand dipped in Apr–May due to weather; expected to rise in summer ■ Other Updates : UP Discom privatization: RFP in progress; likely cost-plus model Exploring thermal project opportunities (early stage) ■ Capex & Projects : FY25 Capex: ~₹1,900 Cr FY26 Capex Plan: ~₹2,000 Cr (distribution) Renewables project cost: ₹206 Bn; ₹25 Bn incurred so far MSDL 84 MW commissioned in Q4 Total installed capacity: 4.8 GW (2.7 GW gas, 1.7 GW RE, 0.62 GW coal) Pipeline: 3.1 GW RE, 3 GW pump storage, 2 transmission projects 2 GW hydro storage deal with Maharashtra (40-year contract) ■ NVBN Tender (Mar–Oct) : LOA received for 1,300 MW (vs 770 MW last year) 6-month tender with 2,300 MU take-or-pay guarantee Profitability expected similar to last year ■ Financial Performance (Q4 FY25) : PBDIT: ₹619 Cr (reported) | ₹654 Cr (adjusted, +6% YoY) Distribution business up ₹112 Cr; demand growth ~4% Lower contribution from merchant power & LNG sales (₹88 Cr impact) Solar generation profit up ₹43 Cr; wind PLF decline impacted ₹30 Cr ■ Strategic Highlights : Raised ₹3,500 Cr via QIP (first in 30 years) Distribution loss: 3.34% (license area), 6.94% (franchise) – best in class Strong balance sheet, high operational benchmarks