Tata Power Company on May 4 recorded a massive 48.5 percent year-on-year growth in consolidated profit at Rs 938.8 crore for the quarter ended March 31, 2023, supported by higher other income and low base in the year-ago period, but the operating margin was weak.
Consolidated revenue from operations for the quarter came in at Rs 12,454 crore, growing 4.1 percent over corresponding period of last fiscal with de-growth in generation and renewables segments. The 16 percent YoY growth in transmission and distribution business supported topline, Tata Power said in its filing to exchanges.
At the operating level, the power generation and distribution company of the Tata Group reported 3.2 percent on-year growth in EBITDA at Rs 1,927.7 crore in March FY23 quarter, but margin fell 10 bps to 15.5 percent in the similar period.
Numbers, barring topline, were above analysts’ expectations. Profit was expected at Rs 670 crore on revenue of Rs 12,950 crore, and EBITDA was estimated at Rs 1,813 crore with margin at 14 percent for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.
Tata Power's board has recommended a dividend of Rs 2 per share for the financial year 2022-23.
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