Torrent Power stock experienced a remarkable surge of 17% on July 31, 2024, hitting a fresh record high of Rs 1,898 on the National Stock Exchange (NSE).

This sharp rise followed the announcement of the company's impressive earnings for the first quarter of the fiscal year 2024-25 (Q1FY25).

The integrated power utility, part of the diversified Torrent Group, showcased stellar financial performance, fueling investor confidence and driving the stock price upward.

For the quarter ended June 2024, Torrent Power reported an 87.2% year-on-year (YoY) increase in net profit, reaching Rs 996.3 crore.

This significant growth in profitability was complemented by a 23.3% YoY rise in revenue from operations, which totaled Rs 9,033.7 crore.

The company's operating performance was equally impressive, with earnings before interest, tax, depreciation, and amortisation (EBITDA) jumping nearly 57% to Rs 1,857.9 crore.

The EBITDA margin improved to 20.6%, up from 16.2% in the corresponding period of the previous fiscal year.

In a strategic move, Torrent Power's board approved the sale of 100% equity shares of Torrent Electricals Private Ltd (TEPL) to Torrent Investments Private Ltd (TIPL), the holding company, for Rs 85 crore.

This transaction, which is expected to be completed by December 31, 2024, is a related party transaction conducted at arm’s length.

TEPL's total revenue stands at Rs 651.26 crore, accounting for 2.4% of Torrent Power's total revenue.

Torrent Power boasts an aggregate installed generation capacity of 4,415 MWp.

This capacity includes 2,730 MW of gas-based generation, 1,323 MWp of renewable capacity, and 362 MW of coal-based capacity.

In addition, the company has renewable projects totaling 3,077 MWp under development.

Including these projects, Torrent Power's total generation capacity will reach 7,492 MWp once they are completed.

Torrent Power's extensive distribution network serves approximately 30 billion units to over 4.13 million customers across various regions.

These regions include Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Dholera SIR in Gujarat; the Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD); Bhiwandi, Shil, Mumbra, and Kalwa in Maharashtra; and Agra in Uttar Pradesh.

At 9:49 am on July 31, Torrent Power shares were trading over 9% higher at Rs 1,751.30 on the NSE.

The stock has demonstrated impressive performance throughout the year, zooming 85% so far in 2024.

This growth has significantly outpaced the benchmark Nifty 50, which rose by 15% during the same period.

Over the past year, Torrent Power stock has delivered multibagger returns of 158%, more than doubling investors' money.

The company's strong financial performance, strategic initiatives, and robust capacity expansion plans have positioned it as a formidable player in the power sector.

With continued growth and investor confidence, Torrent Power is set to maintain its upward trajectory in the market.