On a consolidated basis, Tata Power Company reported 28.4% rise in net profit to Rs 248.21 crore on 7.5% increase in net sales to Rs 7597.91 crore in Q3 FY21 over Q3 FY20.
The company's improved profitability was mainly due to better performance in Mundra, steady operational performance across all businesses and interest cost savings on account of debt reduction.
Consolidated EBITDA was up 1% at Rs 1,997 crore in Q3 FY21 as compared to Rs 1,970 crore in Q3 FY20. Profit before tax in Q3 December 2020 stood at Rs 421.09 crore, up by 20.4% from Rs 349.74 crore in Q3 December 2019. Current tax expense increased by 2.41 times to Rs 174.72 crore in the third quarter from Rs 72.5 crore in the same period last year.
Commenting on the company's performance, Dr. Praveer Sinha, CEO & managing director, Tata Power said, We are pleased to inform that all our businesses and subsidiaries have reported a robust performance this quarter despite facing pandemic related challenges. We marked a new milestone for our distribution business by acquiring the distribution and retail supply of electricity in Odisha's five circles of WESCO and six circles of SOUTHCO. Letter of intent for acquiring 51% shareholding in five circles of NESCO has been received from Odisha Electricity Regulatory Commission (OERC).
Tata Power's focus now lies in demonstrating a benchmark performance through all our existing generation, transmission and distribution businesses while continuing to concentrate on key growth areas i.e. renewables, distribution business and new businesses of rooftop solar panels and EV charging.
As the company's business is undergoing a huge transformation, we are restructuring our business model based on sustainable and profitable growth. With an intent to overcome our legacy issues, Tata Power has fully repaid the entire bank loan of CGPL aggregating to Rs 4,150 crore.
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Our Solar EPC business continues to grow. During this quarter, Tata Power Solar booked 153 MW of new solar/hybrid bids and the solar EPC order book stands at Rs 10,608 crore. Also, we have installed over 300 public EV charging points and the geographical presence has expanded to 40 cities.
We are confident of monetizing our Renewable Energy assets through an InvIT. This will give us the necessary capital for investing in growth as also reduce our debt substantially.
Tata Power is India's largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed/ managed capacity of 12,772 MW.
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