Q1 Earnings: Tata Power reports 29% increase in profit at Rs 1,140.97 crore

The company has planned nearly Rs 12,000 crore of capex for the current financial year

Tata Power Company Limited (Tata Power), on August 9, declared a consolidated net profit of Rs 1,140.97 crore for the first quarter of FY 24, registering an on-year growth of 29 percent over a consolidated profit of Rs 883.54 crore last year.

On a sequential basis, the consolidated profit is 21.5 percent higher than the profit of Rs 938.81 crore earned by it during the previous quarter ended March 31.

The consolidated revenue from operations for the Tata Group company remained almost flat with an increase of only 1.5 percent at Rs 14,982.55 crore compared to Rs 14,752.69 crore during the same period last year. The company attributed the flat show to higher sales across distribution companies and capacity addition in renewables.

Sequentially, the consolidated revenues increased 17.6 percent from Rs 12,737.37 crore recorded during the preceding quarter.

"We have delivered a 15th consecutive quarter of PAT growth on the back of strong performance across all business clusters. This is the result of our effective strategies, operational efficiencies, and execution excellence driven by our committed workforce," said Praveer Sinha, CEO & MD, Tata Power.

"We have planned nearly Rs 12,000 crore of capex for the current financial year that would help us lead the green energy transition and in the growth opportunities in the transmission and distribution business," he said.

Consolidated EBITDA was up by 43 percent at Rs 3,005 crore compared to Rs 2,107 crore in Q1 FY23 on account of lower under-recovery in the Mundra plant and positive regulatory order in Maithon Power Limited (MPL).