Rs 47,350 crore projects: This multibagger power generation company signs 4 MoU with Government of Gujarat – know more here!

The stock gave multibagger returns of 115 per cent 1 year whereas BSE Sensex Index is up by 20 per cent.

Torrent Power, a major Indian power utility, has pledged a massive Rs 47,350 crore (approx. USD 5.70 billion) investment in Gujarat through 4 strategic MoUs signed with the Government of Gujarat. This collaboration inked during the Vibrant Gujarat Global Summit, marks a significant commitment to developing the state's energy landscape. The proposed investments span renewable energy (3,450 MW solar and 1,045 MW hybrid projects), green hydrogen/ammonia production, and infrastructure upgrades for a 7,000 MW solar park.

Additionally, Torrent Power plans to strengthen its distribution network, enhancing efficiency and accessibility across key cities. This ambitious initiative is expected to not only accelerate Gujarat's transition towards clean energy but also generate substantial employment opportunities, propelling the state's economic growth. The MoUs highlight Torrent Power's proactive approach towards aligning with national priorities and contributing to India's sustainable development goals.

Torrent Power Ltd is a leading integrated power utility company in India with a presence across the generation, transmission and distribution of power. Its operations are spread across the states of Gujarat, Maharashtra, Uttar Pradesh and Karnataka.

Talking about the financials, the company is Mid-Cap with a market cap of over Rs 49,000 crore and has been maintaining a healthy dividend payout of 65.1 per cent. In its Quarterly Results, the company reported net sales of Rs 5,106.4 crore and net profit of Rs 491.9 crore in Q2FY24 and in its half-yearly results, the company reported net sales of Rs 14,288.5 crore and net profit of Rs 1,074.8 crore in H1FY24.

Additionally, the company has a turnover of Rs 25,694 crore (approx. USD 3 billion). It is the integrated power utility of the diversified Torrent Group with group revenues of Rs 37,600 crore (approx. USD 4.5 billion) and a market cap of Rs 1,00,000 crore (approx. USD 12 billion). The company has planned a capex of Rs 9,000 crore capex over the next 5 years.

Today, shares of Torrent Power Ltd gained 0.67 per cent to Rs 1,044.75 per share from its previous closing of Rs 1,037.80. The stock gave multibagger returns of 115 per cent 1 year whereas BSE Sensex Index is up by 20 per cent.

Do you own TORRENT POWER LTD.’s stock in your portfolio? Do let us know in the comments below

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