Tata Power Q3 profit flat at Rs 953 crore

Tata Power on Friday reported that its consolidated net profit rose by a marginal 1% year-on-year (YoY) to Rs 953 crore in the quarter ended December. The same stood at Rs 945 crore in the last year quarter.

Revenue from operations increased 4% YoY to Rs 14,651 crore in the reporting period as against Rs 14,129 crore in the corresponding quarter of previous year.

The profit growth was driven by better realisation in the core business segments consisting of generation, transmission and distribution and renewables.

The core businesses contribute more than 71% of the PAT before exceptional items in 9MFY24 as against 40% in FY23. During Q3FY24 quarter, the share of core business stands at 71% as compared to 39% YoY.

Odisha distribution business reported a profit of Rs 63 crore in the third quarter, up 75% YoY.

EBITDA for the quarter jumped 15% YoY to Rs 3,250 crore.

“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 wellpositioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions,” said Praveer Sinha, CEO and MD, Tata Power.

As on December 2023, the company’s operational capacity is 4270 MW in the renewables segment, generating 6,031 MUs of green power. Another 4752 MW of projects under TPREL and 4120 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 solar rooftop portfolio surpassed 2,000 mw in the reporting quarter, making it one of the highest portfolio in the country. It has added 146 mw during the quarter, up by 15% YoY.

Mainstreaming adoption of solar energy in the country has facilitated over Rs 3,500 crore worth of customer financing for solar projects.

The company said it is on an accelerated growth trajectory of transitioning to green energy and aiming for around 70% of capacity from non-fossil-based fuels by 2030.

On Friday, Tata Power shares closed 4% lower at Rs 392 on NSE.

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