TORNTPOWER · Power
Torrent Power Ltd. reported revenue of ₹7,176 cr for July to September 2024, +3.1% on the year and −20.6% on the quarter.
Operating profit (EBITDA) was ₹1,207 cr, a margin of 16.8%, −72 bps on the year and −375 bps on the quarter. Over the last 6 quarters the margin has ranged from 16.2% to 20.6%, averaging 17.4%. Operating costs grew +4.0%, faster than revenue at +3.1%, so operating profit grew less than sales.
Net profit was ₹496 cr, −8.7% on the year and −50.2% on the quarter, with earnings per share of ₹10.01. Profit before other income, one-offs and tax fell 10.9%, so the profit growth came from the business itself. The tax rate of 28% is in line with its recent average.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹46.68 over the last four quarters, the stock at ₹1,236.00 trades at 26.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹6,366 cr | ₹6,529 cr | ₹9,034 cr | ₹7,176 cr | ₹6,499 cr | ₹6,456 cr | ₹7,906 cr | ₹7,876 cr | ₹6,778 cr | ₹6,406 cr | ₹8,124 cr | ₹9,802 cr |
| YoY | — | — | +23% | +3% | +2% | −1% | −12% | +10% | +4% | −1% | +3% | +24% |
| EBITDA margin | 16.4% | 17.0% | 20.6% | 16.8% | 17.1% | 17.5% | 18.8% | 19.1% | 20.7% | 17.9% | 18.9% | 17.7% |
| Other income, % of PBT | 11% | 16% | 6% | 18% | 27% | 18% | 11% | 8% | 9% | 13% | 9% | 22% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 28% | 24% | 28% | 22% | — | 25% | 24% | 19% | 39% | 28% | 26% |
| Net profit | ₹374 cr | ₹447 cr | ₹996 cr | ₹496 cr | ₹489 cr | ₹1,077 cr | ₹742 cr | ₹742 cr | ₹655 cr | ₹331 cr | ₹662 cr | ₹838 cr |
| YoY | — | — | +87% | −9% | +31% | +141% | −26% | +50% | +34% | −69% | −11% | +13% |
| Core profit YoY | — | — | +98% | −11% | −0% | −3% | −29% | +60% | +61% | −6% | −4% | −2% |
| EPS | ₹7.49 | ₹8.95 | ₹20.23 | ₹10.01 | ₹9.44 | ₹21.03 | ₹14.52 | ₹14.36 | ₹12.76 | ₹6.31 | ₹12.68 | ₹16.28 |
| Flags | · | · | ✓ | ✓ | 1 | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Torrent Power Ltd. reported revenue of ₹7,176 cr (+3.1% on the year) and net profit of ₹496 cr (−8.7% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −10.9% on the year, against −8.7% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.