MARKET RESPONDS

Torrent Power’s share price soared 11.2% to ₹1,780 following strong Q1 results, reaching a new all-time high.

The company reported an 87% increase in consolidated net profit for the June quarter, reaching ₹996.34 crore.

Revenue surged 23% to ₹9,034 crore from ₹7,328 crore in the previous period.

Torrent Power’s market capitalization hit USD 20 billion for the first time as of June.

For FY 2023–24, net profit grew by 33% to ₹1,656 crore, with revenue increasing by 12% to ₹10,728 crore.

The company is expanding its renewable energy capacity and aims to support India’s 500 GW non-fossil fuel target by 2030.

Torrent Power has a total generation capacity of 7,492 MWp, including 3,040 MWp of renewable capacity under development.

A pilot green hydrogen project is being developed in Uttar Pradesh, blending hydrogen with gas in the Gorakhpur city gas distribution network.

Peak power demand in FY24 reached 243.27 GW, reflecting India’s fast-growing economy and increasing energy needs.