New Delhi: Tata Power on February 9 reported a 71.6 percent year-on-year rise in consolidated net profit to Rs 425.8 crore for the quarter ended December. The strong net profit is on the back of strong all-round business performance by all verticals.
Revenue from operations rose 44% to ₹10,913 crore during the reporting period as compared to ₹7,597 crore in the last year period, due to expanded operation in Odisha discoms, higher project execution by Tata Power Solar Systems Ltd. (TPSSL), and strong performance of all other businesses.
“Tata Power has delivered a strong financial performance for the 9th consecutive quarter. All our business clusters have contributed significantly despite facing pandemic-related challenges, demonstrating tremendous resilience, strength, and agility,” Chief Executive Officer and Managing Director Praveer Sinha said in a press statement.
On Wednesday, Shares of Tata Power ended 1.5 percent higher at Rs 238.4o on the National Stock Exchange.
The company’s consolidated underlying EBITDA was up by 16% at ₹2,499 crore during the third quarter as against ₹2,149 crore in last year period, mainly due to higher profit from coal mines offset by higher losses in CGPL due to increase in coal prices.
The company’s cost of power purchase jumped sharply in the reported quarter to Rs 3,631.7 crore from Rs 1,802.3 crore. Similarly, transmission charges more than doubled on-year to Rs 250 crore.
Tata Power’s renewable segment profit after tax (PAT) grew by 107% in the third quarter, mainly due to addition of 289 MW capacity and strong execution of both large scale and rooftop solar projects by TPSSL (Tata Power Solar Systems Ltd).
Further, TPSSL will set up 4 GW solar cell and module manufacturing capacity with an investment of ₹3,400 crore.
“We are committed to focus on key growth areas viz renewables, distribution, and new businesses comprising rooftop solar, solar pumps and EV charging. We’ll focus on utilising technology to offer smart, green energy solutions and provide world class experience to our 12 million plus customers,” Praveer Sinha further said.
The company’s cumulative solar rooftop portfolio has crossed 900 MW and the FY22 Order book crossed ₹1,000 crore with ₹375+ crore orders won in third quarter. The channel network has also been expanded to 300+ partners across 150+ districts.