LIC-Backed Power Company Secures Two Contracts from MSEDCL, Expected Annual Revenue of Rs 1,680 Crore: Stock Rallies 6 Per cent & Hits 52-Week High!

The company’s shares have delivered an impressive return of over 290 per cent in the past 2 years.

This Mid-Cap power generation and distribution company has received two Letters of Award from Maharashtra State Electricity Distribution Company Limited (MSEDCL) and they are for:

• Procurement of 500 MW Energy Storage Capacity allotted against the quoted bid and 1,000 MW capacity allotted under the Greenshoe Option.
• An additional 500 MW capacity is allotted under the Greenshoe Option from the InSTS Connected Pumped Hydro Storage Plant.

The total capacity is to be commissioned within 48 months from the signing of the Energy Storage Facility Agreement. The project is expected to generate annual revenue of Rs 1,680 crore.

Today, the company’s shares rallied around 6 per cent and hit a 52-week high, and finally closed at around Rs 1935.20 and the current market capitalization stands at Rs 93,008 crore. Additionally, the shares have delivered an impressive multibagger return of over 165 per cent in the past 1 year only.

As per the Quarterly Results, in the Q1 FY25, Torrent Power Ltd recorded a revenue of Rs 9034 crore compared to Rs 7,328 crore. It reported an operating profit of Rs 1,858 crore. The net profit stood at Rs 996 crore compared to Rs 532 crore. Looking at the annual performance, the company generated a revenue of Rs 27,183 crore in FY24 compared to Rs 25,694 crore. The operating profit for FY24 was Rs 4,596 crore with a net profit of Rs 1,896 crore compared to a profit of Rs 2,165 crore in FY23.

Torrent Power Ltd is a prominent integrated power utility company in India, involved in the generation, transmission, and distribution of electricity. Its operations extend across the states of Gujarat, Maharashtra, Uttar Pradesh, and Karnataka.

Disclaimer: The article is for informational purposes only and not investment advice.