Tata Power, on February 9, declared a consolidated net profit of Rs 1,076.12 crore for the third quarter of FY23-24, registering an on-year growth of 2 percent over the consolidated profit of Rs 1,052.14 crore last year. The company said the net profit was on account of better realisation in the core business segments consisting of generation, transmission, distribution and renewables.
The consolidated revenue for the Tata Group company increased by 6.2 percent to Rs 15,294.13 crore compared to Rs 14,401.95 crore during the same period last year. The company attributed its strong financial performance to its healthy balance sheet, operational excellence, and synergies across business clusters.
Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 20 percent to Rs 3060.55 crore from Rs 2607.61 crore.
Praveer Sinha, CEO and Managing Director of Tata Power, said, "Our core businesses continue to perform well and have helped the company clock its 17th consecutive profit after tax (PAT) growth quarter. Our consistent performance shows strong fundamentals of excellence in operational performance and project execution capability."
"As the country witnesses a surge in power demand, Tata Power is well-positioned to capitalise on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions," he added.
As of December 31, 2023, the company’s operational capacity stood at 4,270 MW in the renewables segment, generating 6,031 MUs of green power. Another 4,752 MW of projects under TPREL and 4,120 MW of projects under TPSSL are under execution, thus taking the total clean energy capacity to over 10,000 MW in the next 12-24 months. The company is on an accelerated growth trajectory of transitioning to green energy and aiming for around 70 percent of capacity from non-fossil-based fuels by 2030.
"The company has been working in various ways, including the development of 2.8 GW pumped hydro storage projects with an investment of Rs 13,000 crore, to offer firm and 24x7 dispatchable renewable energy to all segments of consumers," Tata Power said in a statement.
Tata Power's core businesses of generation, transmission and distribution, and renewables contributed more than 71 percent of the PAT before exceptional items in Q3 FY24 vis a vis 39 percent in FY23.
The company's shares closed 3.76 percent higher, at Rs 392.10 on the NSE on February 9.
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