Torrent Power Limited has informed the Exchange about Investor Presentation
m -torrent Q;1 POWER
October 27, 2021
To, Corporate Relationship Department BS E Limited 14th Floor, P. J. Towers, Dalal Street, Fort, Mumbai-400 001 SCRIP CODE: 532779
To, Listing Department, National Stock Exch ange of India Limited "Exchange Plaza ", C - 1, Block G Bandra- Kurla Complex, Bandra (East) , Mumbai 400 051 SYMBOL: TORNTPOWER
Dear Sir/ Madam,
Re : Investor Presentation
Investor Presentation on Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2021 is enclosed for your records .
Thanking you,
Yours faithfully ,
For Torre nt Power Lim ited
Ra hul Sha h Company Secretary & Compl iance Officer Encl: As above
Regd. O ffi ce : "Samanvay", 600, Tapovan, Ambawadi, Ahm edabad - 38001 5, Gujarat, India Phone: 079-26628300 www.torrentpower.com
TORRENT POWER LIM ITED CIN : L3 I 200GJ2004PLC044068
L·mail".cs@torrentpower.com
Torrent Power Limited
Investor Presentation Q2 FY 2021-22
DISCLAIMER
from the views expressed herein.
This information may contain certain forward-looking statements/details in the current scenario, which is extremely dynamic and increasingly fraught with risks and uncertainties. Actual results, performances, achievements or sequence of events may be materially Investors/shareholders/public are hence different cautioned not to place undue reliance on these statements/details, and are advised to conduct their own investigation and analysis of the information contained or referred to in this section before taking any action with regard to their own specific objectives. None of respective affiliates, advisors or the companies described herein or any of representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of the Materials or their contents or otherwise arising in connection with the Materials. Further, the discussion following herein reflects the perceptions on major issues as on date and the opinions expressed herein are subject to change without notice. The Company undertakes no obligation to publicly update or revise any of the information, opinions or forward-looking statements expressed in this section, consequent to new information, future events or otherwise.
their
PRESENTATION OUTLINE
TORRENT GROUP
TORRENT POWER LIMITED
OVERVIEW OF OPERATIONS Q2 FY 2021-22
ESG PRACTICES
INVESTMENT RATIONALE
FIVE YEAR TREND: KEY FINANCIAL & TECHNICAL STATISTICS
TORRENT GROUP
TORRENT PHARMACEUTICALS LIMITED • A generics pharmaceutical major with strong global footprint • Ranked in top 10 in Indian pharma market with leading position in niche
therapeutic areas
• Ranked No. 1 among Indian Pharma companies in Brazil, Germany & Philippines
TORRENT POWER LIMITED • Leading private sector Integrated Power Utility with presence across generation,
transmission and distribution
• Lowest distribution losses in the country • 24 X 7 power supply in licensed areas • Excellent operational track record with delightful customer service
TORRENT GAS PRIVATE LIMITED • New business vertical for City Gas Distribution business • 13 CGD areas won in the 9th & 10th Round of Bidding by PNGRB • 4 CGD areas acquired from incumbent players • Capex plan of ~ ₹ 10,000 crs over next 5 years
TORRENT GROUP
Turnover
$ 2.75 Bn
Enterprise Value $ 11.63 Bn
Market Cap $ 10.28 Bn
Employees
21,750+
Spreading smiles Illuminating Lives
Not just healthcare… Lifecare
Generating Trust. Distributing Opportunities.
Turnover: $ 1.09 Bn
Turnover: $ 1.66 Bn
Enterprise Value: $ 7.51 Bn
Enterprise Value: $ 4.12 Bn
Market Cap: $ 7.01 Bn
Market Cap: $ 3.27 Bn
Employees: 13,400+
Employees: 7,650+
Building pan-India state-of-art city gas distribution networks in 17 GAs across 7 States
Employees: 700+
TORRENT POWER LIMITED
Thermal
MW - 2,730 state-of-art gas power based plants
- 2730 MW of gas
based plants
- 362 MW of coal based plant
- 362 MW of coal
based plant
Spreading smiles Illuminating Lives
Solar - 138 MW oper- ational capacity - 138 MW of over 2 locations
operational - 400 MW under- portfolio development
- L1 for 300 MW. awaited, LOA sub- currently judice
- SPA executed for 50 MW
Wind - 649 MW oper- ational capacity - 430 MW of operational 7 over portfolio locations
- 975 MW under
- 115 MW pipeline project under- development
- SPA executed for 156 MW
Transmission - 355 kms 400 kV & 128 Kms of - 355 km 400 kV 220 KV, double circuit lines to double circuit evacuate lines to evacuate power from gas power from gas based plants based plants
Distribution
- Licensed distribution: - Licensed distribution Ahmedabad/ covering areas Gandhinagar, Ahmedabad / Surat, Dahej SEZ Gandhinagar, Surat, & Dahej & Dholera SIR SEZ - Franchised - Franchised distribution: distribution areas covering Bhiwandi, Agra Bhiwandi & & SMK Agra
ASSETS AT A GLANCE
TORRENT POWER LIMITED
GEOGRAPHICAL FOOTPRINT
TORRENT POWER LIMITED
PORTFOLIO OF ASSETS : THERMAL GENERATION
Particulars
Sugen
Capacity (MW)
1147.5 (3 x 382.5)
Unosugen
382.5 (1 x 382.5)
Dgen
1200 (3 x 400)
Amgen
362 (1 x 120, 2 x 121)
Plant Type
Gas-based CCPP
Gas-based CCPP
Gas-based CCPP
Coal Based
Location COD
Fuel
Near Surat, Gujarat August - 2009 Domestic Gas & Imported LNG
Near Surat, Gujarat April - 2013 Domestic Gas & Imported LNG
PPA
835 MW for Distribution areas of Ahmedabad / Gandhinagar & Surat, and 50 MW with MP
278 MW for Distribution areas of Ahmedabad / Gandhinagar & Surat
Near Bharuch, Gujarat Ahmedabad, Gujarat
November - 2014
Imported LNG
No tie up
1988 Domestic & Imported Coal Embedded generation for licensed areas of Ahmedabad / Gandhinagar
Others
Contracted Storage-cum-Regasification capacity of 1 MTPA with Petronet LNG, Dahej Terminal for 20 years from April 2017
TORRENT POWER LIMITED
PORTFOLIO OF ASSETS : RENEWABLE GENERATION
Particulars Capacity (MW) Location COD Avg Tariff (₹/kWh)
Solar (FiT) 138 Gujarat FY 15 to FY16 7.96
PPA
With Company’s Licensed Distribution business
FY 21 PLF
17.61%
Wind (FiT) 472.5 Gujarat & Karnataka FY 12 to FY 19 4.07 352.5 MW with Company’s Licensed Distribution business & 120 MW with GESCOM, Karnataka 24.79%
Wind (TBCB) 176 Gujarat & Maharashtra FY 20 3.04
126 MW - MSEDCL & 50 MW - PTC (thru SECI)
25.54%
New Projects: a. PPA signed with GUVNL for 100 MW at tariff of ₹ 1.99/unit for 25 years. SCOD: October 2022. b. PPA signed with TPLD for 300 MW at tariff of ₹ 2.22/unit for 25 years. SCOD: December 2022. c. SPA executed for acquisition of 50 MW solar power project. Tariff ₹ 4.43/unit. Balance life ~22 yrs. d. SPA executed for acquisition of 156 MW wind power project. Avg tariff ₹ 4.68/unit. Balance life ~20 yrs. e. EPC contract executed for 115 MW SECI-V wind project. Tariff ₹ 2.76/unit. SCOD: September 2022. f. L1 for 300 MW bid in Andhra Pradesh. LOA awaited, currently sub-judice.
TORRENT POWER LIMITED
Particulars
PORTFOLIO OF ASSETS : LICENSED DISTRIBUTION Ahmedabad/ Gandhinagar
Dahej
Surat
Dholera SIR
Licensed Area
~ 356 sq. km. ~ 52 sq. km.
~ 17 sq. km.
~ 920 sq. km.
Peak Demand(FY21) 1,578 MW
623 MW
78 MW
License validity
Till 2025
Till 2028
Till 2034
-
Till 2044
Accolades / Highlights
T&D loss 5.5% during FY 21, is amongst the lowest in the country;
Second Licensee Dahej SEZ;
at
Major project on DMIC,
developed into manufacturing hub;
a
to be global
Substantial
distribution network undergrounded;
Consumers enviable availability which is highest in the country;
of among
enjoy power 99.9%, the
Minimal
Distribution losses;
~99.9% power reliability;
New state-of-art network & a large industrial base will ensure minimal T&D losses & low cost of supply; Planning & development of an is efficient distribution network under progress;
Investment of about ₹1,200 Crore is envisaged over next 10 years to cater to demand of about 425 MVA;
UT of Dadra & Nagar Haveli (DNH) and Daman & Diu (DD): Emerged as the successful bidder for 51% stake in licensed distribution operations in the UT of DNH and DD. LOA awaited, currently sub-judice.
TORRENT POWER LIMITED
PORTFOLIO OF ASSETS : FRANCHISED DISTRIBUTION
Particulars
Bhiwandi
Agra
Shil, Mumbra, Kalwa (SMK)
Licensed Area
Peak Demand (FY21)
License validity
Accolades / Highlights
~ 721 sq. km.
~ 221 sq. km.
~65 sq. Km.
574 MVA
449 MVA
126 MVA
31st March 2030
in
Reduction
AT&C losses from 58.77% at the time of takeover to 13.50% in FY 21.
Reliable power supply & customer
improved services
25th Jan 2027 Country's first unique PPP distribution franchisee agreement with MSEDCL, now adopted as a standard distribution for model reforms in the country
Reduction in AT&C losses the time of
from 58% at takeover to 16.22% in FY 21.
Reliable power
supply &
improved customer services
29th Feb 2040 SMK operations taken over w.e.f 1st Mar 20 competitive a under bidding process; ~₹300 Crs of in
capex estimated the franchised area over the of agreement which Crs expected to be invested in first 5 years;
~₹150
term,
Reported AT&C losses of 47% in FY 17 estimated to come down to 12% over 15 years;
OVERVIEW OF OPERATIONS – Q2 FY 2021-22
Consolidated Financial Statement (₹ in Cr.)
Revenue from Operations
Q2 21-22 Unaudited 3,648
Q2 20-21 Unaudited 3,129
Growth % 17%
H1 21-22 Unaudited 6,747
H1 20-21 Unaudited 6,136
Growth %
FY 20-21 Audited 10% 12,173
Power Purchase Cost
2,165
1,866
4,068
3,472
Material Cost & Change in Inventory
133
31
168
58
6,969
161
Contribution
Other Income
Gen. & Admin Exp.
PBDIT
Finance Cost
Depreciation & amortization
Profit Before Exceptional Items & Tax
Exceptional Items
Profit Before Tax
Tax Expenses
Profit After Tax
OCI / (Exp.) – net of tax
TCI
1,350
1,231
10%
2,511
2,606
(4%)
5,043
36
412
974
157
332
485
-
485
116
369
(2)
367
37
520
748
202
317
230
-
230
28
202
2
204
72
844
72
926
142
1,577
30%
1,739
1,753
(1%)
3,607
321
660
758
-
758
181
577
(1)
576
111%
111%
82%
80%
422
632
698
-
698
122
576
(4)
572
776
1,280
1,552
-
9%
9%
1,552
256
0%
1,296
4
1%
1,300
OVERVIEW OF OPERATIONS – Q2 FY 2021-22
The major reasons for improvement in the TCI for the quarter on y-o-y basis are:
Significant Reduction in T&D losses in the Company’s Distribution Franchisee Business;
Significant increase in electricity demand mainly in commercial and industrial customers during current quarter in the Company’s Distribution Franchisee Business;
Significant reduction in provision for doubtful debts in Distribution Franchisee business, which was severely impacted the comparative quarter of last year due to Covid 19 pandemic;
Increase in contribution from renewables generation, which was impacted in comparative quarter of last year due to abnormally lower wind speed;
Decrease in interest cost, both due to lower debt and reduction in interest rates;
Increase in tax expenses;
OVERVIEW OF OPERATIONS – Q2 FY 2021-22
Q2 Thermal PLF (%)/ Net Generation (MUs)
82.8%
69.6%
59.2%
69.8%
64.4%
1714 MUs
1459 MUs
573 MUs
529 MUs
42.9%
34.7%
43.4%
603 MUs
42.9%
40.3%
2514 MUs
2032 MUs
313 MUs
2827 MUs
2635 MUs
10.5%
270 MUs
0.0%
SUGEN 1147.5 MW
UNOSUGEN 382.5 MW
DGEN 1200 MW
GAS PLANTS 2730 MW
AMGEN 362 MW
THERMAL 3092 MW
Q2 2020-21
Q2 2021-22
OVERVIEW OF OPERATIONS – Q2 FY 2021-22
Q2 Renewable PLF (%)/ MUs Dispatched
35.9%
28.7%
264 MUs
440 MUs
558 MUs
13.9%
12.9%
42 MUs
39 MUs
WIND 649 MW
SOLAR 138 MW
Q2 2020-21
Q2 2021-22
OVERVIEW OF OPERATIONS – Q2 FY 2021-22
Q2 USO/Purchase (MUs)
2,266
2,129
913
597
886
641
650
663
A'bad
Surat
97
166
Dahej Q2 2020-21
166
186
Bhiwandi
Agra
SMK
Q2 2021-22
T&D Loss (%)
T&D Loss (%)
9.34%
6.12%
3.84%
3.13%
0.62%
0.44%
46.42%
42.26%
23.04%
13.07%
16.04%
13.09%
A'bad
Surat
Dahej
Bhiwandi
Agra
SMK
H1 2020-21
H1 2021-22
H1 2020-21
H1 2021-22
ENVIRONMENTAL, HEALTH & SAFETY PRACTICES Company recognizes the value of the environment to the community and future generations and is committed to manage its businesses as a responsible Corporate Citizen.
• 100% utilization of Fly Ash generated from coal plants
• Use of recycled papers for energy bills & stationaries with ~57% of payments received through electronic medium;
• ~90%
generation capacity
• ~12.5% of power requirement sourced
sourcing cleaner fuel
from Renewable Energy
• ~70% Capacity
registered under CDM mechanism of UNFCCC.
• Annual
reduction of ~8.5 million MT CO2 possible from Gas based power plants. 18 million MT reduced till date from CDM registration.
• Re-use of
treated effluent
water in horticulture.
• Reduction in T&D at Bhiwandi & Agra from >50% to ~15% thereby reducing energy requirement.
• Installed
solar
roof-top
for
captive
consumption.
• Installation of more than 7,000 state-of- insulated technology SF6 gas
the-art switchgears;
• Use of Horizontal Directional Drilling technology instead of soil excavation for cable laying;
• Energy
conservation
awareness
programmes amongst customers;
• Ahmedabad, Surat have been awarded five star rating by British Safety Council.
• DAHEJ Distribution awarded with the prestigious sword of honour Safety Council;
British
by
• ISO 9001 (Quality), ISO 14001 ISO 45001 (Environment), (Occupational Health), ISO 50001 (Energy), implemented at most of the units.
• Gas based plants certified for 5S Work Place Management System
• Implemented
“Behaviour Based to (BBS) develop & inculcate safety as a behavioural aspect.
Safety”
Generation
Distribution
Certifications
ENVIRONMENTAL, HEALTH & SAFETY PRACTICES
Existing gas based plants well below baseline GHG Emissions.
GAS PLANTS - GHG Emissions (tCO2/MWh)
Baseline (CEA)
TPL
0.36
0.36
0.36
0.45
0.36
FY18
FY19
FY20
FY21
Air emissions of gas-based generation plants
Water consumption of thermal generation plants below statutory limits
SOX, NOX, PM (kg/MWh)
SOX
NOX
SPM
0.10
0.10
0.09
0.12
Water Consumption (m3/MWH)
Stat. Limit
TPL - Coal
TPL - Gas
3.66
3.16
3.12
3.50
3.30
0.01
0.00
0.01
0.00
0.00
0.00
0.01
0.00
1.13
1.13
1.07
1.11
FY18
FY19
FY20
FY21
FY18
FY19
FY20
FY21
ENVIRONMENTAL, HEALTH & SAFETY PRACTICES
Net Carbon emission (million MT)
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
2.32
1.51
0.81
FY18
2.23
1.25
0.98
FY19
3.16
1.72
1.44
3.22
1.72
1.51
FY20
FY21
Emission - Gas
Savings - Renewable
Net Emissions
WAY FORWARD Incremental capacities to come from renewables with no new thermal generation capacity planned.
SOCIAL PRACTICES: THRUST AREAS FOR CSR ACTIVITIES
Education & Knowledge • SHIKSHA SETU (₹ 0.37 cr) : Education programme in rural & slum areas enhancing learning of students through workshops based education covering 4,600+ students, in 13 Government 150+ teachers schools • 4 sets of practical
assignments prepared covering 4,500+ students Separate and 120 assignment 450 remedial students;
teachers; prepared
technology
for
&
of
6-8 with
• Conducted 2 virtual workshops, for teachers the std participation of ~ 78+ teachers from 36 schools of Siksha Setu/ Chappi- Memadpur / Other Schools (around project schools)
• Other activities undertaken includes Supporting Primary & Secondary School.
Healthcare Sanitation & Hygiene
• REaCh (₹ 33 crs) - Pediatric Healthcare programme (since 2016) is divided into 3 main pillars • Shaishav: Focused on health of Iron children of age upto 6 yrs. supplements have been provided to 26,946 assessed with anaemia; >18,000 children have been brought out of malnourishment till date
children
• Jatan: Focused on health care of children upto 18 yrs. Initiated with 4 state of the art paediatric healthcare building facilities. beds hospital with inaugurated in FY20; Audio video consultation started at Sugen and for Pakhajan beneficiaries;
Extended
over
150
by
• Muskan:
Focuses
providing on counseling & support rural to adolescent girls & providing free health & hygiene kits covering girls from 125 village;
is
• Prevention
than
better
cure initiative: Started last year for rural under privileged population with more than 40,000 villagers & 65,000 children from 493 schools benefited.
Social Care & Concern
• Development & Maintenance of Public
Parks (₹2 crs): • Seven parks (~33,600 sq. mt.) have been fully developed and opened for public use.
• Civil works of another two parks
(~66,975 Sq. mt) in progress.
• COVID Care:
• Facilitated vaccination for employees
/ family members; Covid for
• Care
affected
cases undergoing home quarantine and coordination with Hospitals for those requiring hospitalization.
SOCIAL PRACTICES: COMPANY EMPLOYEES
Company belief: Each milestone achieved is an outcome of efforts, dedication & conviction demonstrated by its employees
7,800+ Permanent / 8,900+ contractual Employees
670 Women Employees & 25 employees with disability
Key statistics: FY21
Nil Human rights / Sexual Harassment complaints
Nil Child / force / involuntary labour complaints
Company Policies to promote Human Rights: • Policy on Protection of Women against Sexual
Harassment at Workplace • Conviction for Safety Policy • Policy on Financial Support in the event of
Demise
• Mediclaim Policy for Employees • Policy for Medically challenged employees • Grievance Redressal Mechanism • Equal pay for Equal work without discrimination
on the basis of gender.
Torrent Groups participation in fight against COVID 19 • • •
Pledged support of ₹ 100 crores for COVID relief including PM-CARES Fund Initiatives for providing essential medicines free of cost, provision of PPEs to healthcare workers Ensuring full payment of wages to employees (including contract & construction workers)
GOVERNANCE PRACTICES Companies Corporate Governance philosophy revolves around three core principles of TRANSPARENCY, INTEGRITY and ACCOUNTABILITY in organising/managing aspects of its activities
>75% NED’s on board
COMMITTEES IN PLACE (CHAIRED BY ID’S):
• Audit Committee (100% ID’s)
• Stakeholders’ Relationship Committee (33% ID’s)
BOARD COMPOSITION
• Nomination & Remuneration Committee (67% ID’s)
33% women directors
>55% IED’s on board
• CSR Committee (67% ID’s)
• Risk Management Committee (75% ID’s)
MAJOR POLICIES IN PLACE: • Directors’ appointment: Ensuring diversified board with mix of strategic leaders, industrial experts & financial experts • Code of Conduct: Applicable to all Employees & Directors, to ensure ethical & anti-corrupt conduct • Vigil Mechanism: Ensuring disclosure of concerns & grievances on unethical behaviour, improper/ illegal practices, wrongful conduct and instances of leak or suspected leak of Unpublished Price Sensitive Information (“UPSI”) taking place in the Company
INVESTMENT RATIONALE
• State of the art gas
based plants
• Direct import of LNG
at efficient cost
• Low environmental footprint & large quantum of renew- ables in power system creates a favourable conditions for sustain-able operations of unutilised capacities
• Need for a robust grid to support increase in renewables capacity presents attractive opportunities for private transmission players
• Robust regulations & limited project risks
• Company’s right to win : strong project development & financial capabilities
• Huge growth potential in renewables; returns above COE for selected projects
• Company’s capability to win coming from strong project development, O&M & financial capabilities
• Opportunity of
flexible generation to sell pooled RTC power [Renewable + Gas] at competitive cost on a long term basis
Thermal Generation
Renewable Generation
Transmission
• Opportunities for private sector considering the endemic inefficiencies of the public distribution sector
• Successful
privatization of Union Territory utilities will spur the States to follow the path
• Torrent has a strong distribution platform to take advantage of upcoming Franchisee & privatisation opportunities in distribution sector
Distribution
INVESTMENT RATIONALE
Regulated businesses ensuring stable returns
Excellent operational records
Promising growth opportunities
Unmatched distribution model
Strong project management skills
World class generation assets
Value Creation
Rational allocation of capital
5 YEAR TREND - FINANCIAL STATISTICS
Revenues from Operations (₹ Crore)
EBIDTA (₹ Crore)/EBIDTA Margin (%)
11512
10000
13151
13641
12173
3381
3389
3734
3607
29%
26%
27%
30%
2651
27%
2016-17 2017-18 2018-19 2019-20 2020-21
2016-17 2017-18 2018-19 2019-20 2020-21
TCI* (₹ Crore)
Net Worth (₹ Crore)
1295
1145
9235
8257
10569
9722
10724
956
893
423
2016-17 2017-18 2018-19 2019-20 2020-21
*Without Minority Interest
2016-17 2017-18 2018-19 2019-20 2020-21
Note: From 1st April 2018, the Company has adopted Ind AS 115, Revenue from Contracts with Customers , hence the numbers of previous periods are not comparable. Net worth includes DTL.
5 YEAR TREND - FINANCIAL STATISTICS
Net Debt / EBITDA
0.92
2.99
2.49
2.61
2.18
1.98
Net Debt Equity Ratio 0.89
0.80
0.80
0.64
2016-17 2017-18 2018-19 2019-20 2020-21
2016-17 2017-18 2018-19 2019-20 2020-21
Return on Capital Employed
Return on Networth
9.62%
8.23%
10.01%
9.32%
7.31%
12.62%
12.42%
11.05%
9.54%
5.57%
2016-17 2017-18 2018-19 2019-20 2020-21
2016-17 2017-18 2018-19 2019-20 2020-21
Note: From 1st April 2018, the Company has adopted Ind AS 115, Revenue from Contracts with Customers, hence the numbers in previous periods are not comparable.
5 YEAR TREND - FINANCIAL STATISTICS
THERMAL PLF (%)
71.4%
65.3%
33.3%
0.0% 0.0%
87.8%
62.3%
33.4%
0.0% 0.0%
74.6%
47.5%
27.3%
0.0% 0.0%
72.9%
60.1%
59.9%
40.7%
6.5%
59.9%
57.8%
44.3%
38.4% 9.8%
2016-17
2017-18
2018-19
2019-20
2020-21
T&D loss (%) Licensed Distribution
6.81%
6.31%
3.92%
3.59%
5.61%
3.43%
6.03%
4.06%
4.98%
3.43%
0.53%
0.40%
0.35%
0.31%
0.49%
2016-17
2017-18
2018-19
2019-20
2020-21
AMGEN
SUGEN
UNOSUGEN
DGEN
THERMAL
A'bad
Surat
Dahej
RENEWABLE PLF (%)
T&D loss (%) Franchised Distribution
27.3%
30.1%
29.0%
25.0%
22.2%
17.9%
17.3%
17.6%
17.1%
17.6%
24.69%
21.69%
19.16%
17.58%
14.18%
12.51%
15.13%
11.93%
44.89%
16.22%
13.50%
2016-17
2017-18
2018-19
2019-20
2020-21
2016-17
2017-18
2018-19
2019-20
2020-21
SOLAR
WIND
Bhiwandi
Agra
SMK
Note: SMK takeover from 1st March, 2020.
THANK YOU
Contact details: Rishi Shah Torrent Power Limited “Samanvay”, 600 Tapovan, Ambawadi, Ahmedabad 380015 Ph. No. (079) 26628473 Email: IR@torrentpower.com