The Tata Power Company Ltd (Tata Power), on October 28, declared a consolidated profit of Rs 935 crore, registering an on-year growth of 85 percent over a consolidated profit of Rs 506 crore last year.
On a sequential basis, the consolidated profit is marginally higher than the profit of Rs 884 crore earned by the company during the previous quarter ended June 2022.
The consolidated revenue from operations for the Tata group company rose 49 percent to Rs 14,031 crore from the revenues of Rs 9,810 crore registered during the same period last year. Sequentially, the consolidated revenues have declined 3 percent from Rs 14,495 crore recorded during the preceding quarter.
The year-on-year growth in profitability and revenue was driven by increased contribution from the renewables portfolio as well as strong execution from Tata Power Solar. Lower losses at its Mundra plant and strong earnings from coal aided the profitability further.
"We have witnessed strong performance from all of our business clusters - Generation, Transmission, Distribution, including Odisha, and Renewables," said Praveer Sinha, CEO & Managing Director, while commenting on the performance for the quarter.
"The fact that our PAT has increased for 12th consecutive quarters demonstrates the strong foundations upon which each of these businesses have been built," he added.
Consolidated EBITDA was up by 18 percent at Rs 2,043 crore as compared to Rs 1,732 crore in Q2FY22 on account of higher availability in Mundra, capacity addition in Renewables and higher efficiencies achieved in the distribution business specially in Odisha Discoms.
Tata Power closed flat at Rs 225 on October 28 at the National Stock Exchange. The stock has moved up 3 percent over the past one year and has generated returns of around 5 percent over the past one month.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
