Tata Power Company rose 1.27% to Rs 207.90 after the company's consolidated net profit soared 121.9% to Rs 945.02 crore in Q3 FY23 as against Rs 425.81 crore in Q3 FY22.
Net sales jumped 29.5% to Rs 14,129.12 crore during the quarter as against Rs 10,913.14 crore in corresponding quarter last year, on account of capacity addition in renewables, higher generation in thermal plants and higher sales in distribution companies.Profit before tax soared 136.4% to Rs 1,864.02 crore in Q3 FY23 as compared with Rs 788.49 crore in Q3 FY22.
EBITDA jumped 53% to Rs 2,818 crore in Q3 FY23 as against Rs 1,841 crore in Q3 FY22, on account of capacity addition in renewables and better performance across all businesses.
Dr. Praveer Sinha, chief executive officer & managing director, Tata Power, said, " The stellar performance from all our business clusters - generation, transmission, distribution, and renewables has placed us in a very bright spot. The third quarter saw significant strides in various businesses associated with our green energy platform and transmission & distribution (T&D) business. We have committed investments in renewables and in Odisha Power Distribution and have further strengthened our position in Rooftop Solar and EV charging domains.
Further he added, "We look forward to another successful quarter and I am confident that we will continue to create greater value for all our stakeholders. In the year of India's G20 Presidency, we are committed to contribute towards making the country's power sector future ready through path-breaking work in green energy transition."
Tata Power Company is engaged in the business of the company is generation, transmission and distribution of electricity.
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