Torrent Power (TORNTPOWER) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 reported PBT was INR 630 crores, up 23% year-over-year, including a non-recurring gain of INR 77 crores from the sale of the cable business.

• Adjusted PBT (excluding the one-time gain) was INR 553 crores, up 8% year-over-year.

• Total comprehensive income for Q3 was ₹490 crore, up 32% year-over-year.

• Interim dividend of ₹14 per equity share was declared.

• Expansion in renewable energy portfolio and continued operational excellence in distribution and generation.

Financial highlights

• Consolidated revenue from operations for Q3 FY25 was ₹6,499.38 crore, with net profit at ₹489.33 crore.

• EBITDA for Q3 rose 17% year-over-year to ₹1,284 crore.

• Other income rose from INR 53 crores to INR 172 crores, mainly due to the cable business sale and higher treasury income.

• CapEx for nine months: INR 915 crores (license distribution), INR 176 crores (franchisee), INR 138 crores (transmission), and INR 1,300 crores (renewables).

• Basic and diluted EPS for Q3 FY25 stood at ₹7.56 (standalone) and ₹9.76 (consolidated).

Outlook and guidance

• CapEx guidance for next year: INR 2,000 crores for license and franchisee businesses, with INR 1,750 crores for license distribution and INR 250 crores for franchisee.

• Renewable and transmission CapEx will be milestone-driven.

• Targeting increase in renewable portfolio to 4.6 GW, with major projects under development and commissioning timelines through 2026.

• Strategic focus on green hydrogen, pumped storage hydro, and hybrid solutions for future growth.

• Government discussions ongoing for Section 11 for gas-based stations to address summer demand.