Tata Power on February 3 stated that its consolidated profit after tax (PAT) registered an increase of 90.6 percent at Rs 1,052 crore in the quarter ended December 31, 2022 on account of better performance across all businesses. The company had reported a net profit of Rs 552 crore in the year-ago period.
Tata Power's consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) was up by 53 percent at Rs 2,818 crore as against Rs 1,841 crore in Q3 FY22 on account of capacity addition in renewables and overall better business performance.
The year-on-year consolidated revenue was up 30 percent at Rs 14,339 crore compared to Rs 11,015 crore in Q3FY22, which was attributed to higher generation in thermal plants and higher sales in distribution companies.
Praveer Sinha, CEO and managing director, Tata Power, said the company reported another quarter of strong financial results with PAT growing for the 13th consecutive quarter.
"The stellar performance from all our business clusters - generation, transmission, distribution, and renewables has placed us in a very bright spot. The first three quarters of the current fiscal have ended on a strong note, delivering sequential revenue growth and profit. The third quarter saw significant strides in various businesses associated with our green energy platform and transmission and distribution (T&D) business," he said.
"We have committed investments in renewables and in Odisha power distribution and have further strengthened our position in rooftop solar and EV charging domains. We look forward to another successful quarter and I am confident that we will continue to create greater value for all our stakeholders," Sinha said.
Meanwhile, shares of Tata Power on February 3 closed 0.39 percent lower at Rs 205.50 apiece on BSE.