Power distribution company, Torrent Power Limited on Tuesday announced that its revenue from operations increased 17 per cent in FY 2021-22.
According to the company’s regulatory filings, its revenues from operations increased from Rs 12,173 crore in FY 2021 to Rs 14,258 crore in FY 2022. However, the company’s total comprehensive income declined from Rs 1,300 crore to Rs 461 crore during the fiscal year.
According to a company statement, the total comprehensive income is lower due to DGEN impairment charge of Rs 928 crore during the year. When adjusted for the net DGEN impairment charge of Rs 928 crore, the total comprehensive income for FY 22 is higher at Rs 1,389 crore compared to Rs 1,300 crore for FY 21.
The major reasons for improvement in the adjusted income include reduction in transmission and distribution losses coupled with gains from trading of LNG and a decrease in finance costs, both due to lower debt and reduction in interest rates.
Samir Mehta, chairman, Torrent Power Limited, said, “During the year, the Company continued to focus its growth initiatives in the identified growth engines of Distribution and Renewables. In line with this strategy, the Company took over the operations as distribution licensee of Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD) effective April 1 this year. Further, during the year the Company was able to expand its operational renewable portfolio by 231 MW due to acquisition of renewable projects and an additional 565 MW projects are under development / acquisition.”
