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ICICI Securities Report
Torrent Power Ltd.’s Q4 FY22 numbers were boosted by good performance of the distribution businesses, which saw substantial loss-reduction while power demand reverted to pre-Covid-19 levels, and one-time gains.
On consolidated basis, revenues were up 21.4% YoY to Rs 37.4 billion and Ebitda up 8.3% YoY to Rs 9.9 billion.
While Torrent Power reported a loss of Rs 4.9 billion due to impairment of Rs 13 billion provided for DGEN, adjusting for one-offs in both Q4 FY22 and Q4 FY21, adjusted profit after tax was flat YoY at Rs 3.5 billion, while adjusted profit before tax was up 19% YoY at Rs 4.8 billion.
We believe growth over the next two years will be driven by the distribution businesses with further reduction in aggregate technical and commercial losses, and commissioning renewable energy capacities, although medium-term growth may be sluggish since Torrent Power's participation in RE auctions is limited.
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