THE WINDS OF CHANGE are blowing all over Torrent Power, which is headquartered in Ahmedabad and is considered one of India's foremost power utility companies. Spearheading this transformation is 40-year-old Jinal Mehta, the company's soft-spoken Managing Director and the recipient of this year's BT-PWC India's Best CEOs award in the Energy category. And it would be a truism to say that within the rigorous landscape of the power industry, Torrent's ambitious vision mirrors Mehta's own unwavering determination to succeed.
"The foundation of our strategy is that we are one of the few integrated energy companies. We think a play across the value chain would help in meeting the needs of the energy transition," outlines Mehta. The eventual plan is clear to have clean energy round the clock.
Mehta envisions that it will lead, eventually, to a move to green hydrogen. "That's really where the future is." Mehta characterises the current phase at Torrent Power as Torrent Power 2.0, contrasting it with the earlier phase marked by the energy transition and gas-based projects. He emphasises, "The transition to renewables will drive the majority of our growth. This, coupled with distribution and B2C, is pivotal for creating future value." The company's financial performance reflects this optimism. Torrent's total income has grown at a CAGR of 24% over the past three years, with profit after tax (PAT) growing at 22%. As a result, its stock price has also surged, jumping by over 136% in the two years to February 21, outperforming the BSE Sensex, which rose 26%.
This story is from the March 17, 2024 edition of Business Today India.
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This story is from the March 17, 2024 edition of Business Today India.
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