Torrent Power aspires to reach its renewable energy capacity to 5 GW in next five years

Ahmedabad-based power generation and distribution company Torrent Power aims to achieve a renewable energy capacity of 5 gigawatts (GW) within the next four to five years. Presently, its capacity in this segment stands at 2 gigawatts, including both operational and under-development plants. So, the company anticipates a substantial increase in its total renewable power capacity over the specified timeframe.

In an interview with CNBC-TV18, Saurabh Mashruwala, CFO of Torrent Power, said that the company aspires to increase its renewable energy capacity from the current 2 GW to a substantial 5 GW.

“We have an ambition to reach 5 gigawatts (GW) of renewable capacity in the next 4-5 year. Currently, we are at 2 gigawatts including the under-development capacity,” he said.

The company, which also operate in thermal power, has a generation capacity of 3092 MW with a unique mix of coal and gas based power plants in this segment.

On August 10, Torrent Power announced its financial results for the first quarter of fiscal year 2023-24 and said it recorded a 6 percent rise in net profit at Rs 532.3 crore as against the year-ago quarter.

According to a filing with regulatory authorities, the company disclosed that in the same quarter of the prior year, Torrent Power had recorded a net profit of Rs 502 crore.

During the quarter under review, its total revenue reached at Rs 7,327.6 crore, marking a 12.6 percent increase as compared to the corresponding previous quarter's Rs 6,510.3 crore.

For more details, watch the accompanying video