Torrent Power (TORNTPOWER) Q4 24/25 earnings summary

Executive summary

• Reported Q4 FY25 EBITDA was INR 619 crores, up slightly from INR 617 crores year-over-year; adjusted EBITDA was INR 654 crores, reflecting a 6% growth after accounting for solar project stabilization impacts.

• Achieved total comprehensive income of ₹3,059 Cr in FY 2024-25, up 63% year-over-year, driven by higher contributions from gas-based plants and distribution businesses, and a one-time deferred tax reversal.

• Board recommended a final dividend of ₹5.00 per share, totaling ₹19.00 per share for the year.

• Equity raise of INR 3,500 crores via QIP marked a significant capital event for the group.

• Audited standalone and consolidated financial results for the year and quarter ended March 31, 2025, were approved, with unmodified auditor opinions.

Financial highlights

• Adjusted EBITDA for Q4 FY25 was INR 654 crores, up 6% year-over-year.

• Profit after tax for FY 2024-25 was ₹3,059 Cr, up 61% year-over-year; Q4 PAT rose 141% to ₹1,077 Cr.

• Consolidated revenue from operations for FY 2024-25 reached ₹29,165.26 crore, up from ₹27,183.21 crore year-over-year.

• Contribution margin rose 15% year-over-year to ₹7,680 Cr.

• Deferred tax liability reversal led to a one-time, non-cash reduction in tax expenses.

Outlook and guidance

• Expectation of improved merchant sales as gas prices trend downward and demand recovers.

• Major CapEx for renewables and pumped storage is planned for FY26, with 2026 being a heavy CapEx year due to project commissioning timelines.

• Targeting a renewable energy portfolio of 4.9 GW, with ~2.1 GW contracted and ~3.1 GW under installation.

• NVVN contract extended to October, providing longer revenue visibility; minimum guaranteed offtake ensures fixed charges even if demand is weak.

• Strategic focus on green hydrogen, pumped storage hydro, and flexible generation to supply RTC power.