Tata Power Q2FY25 results: Net profit rises 6% to Rs 926.53 crore

Private power producer Tata Power reported a net profit attributable to the owners of the company at Rs 926.53 crore for the quarter ended September 2024 (Q2 FY25), six per cent up from its performance a year ago. The company missed street estimates.

 

Tata Power Renewable Energy estimated the impact of stamp duty related to a merger at Rs 140 crore during the quarter, which the company disclosed as an exceptional item.

 

The company’s board also approved an investment of Rs 5,666 crore for a 1,000 MW pumped storage hydro project in Bhivpuri.

 

For the quarter under review, Tata Power’s revenue from operations stood at Rs 15,697.67 crore, almost flat from a year ago. In a Bloomberg poll, 11 analysts had estimated revenue of Rs 16,999 crore for Tata Power, and 10 analysts had estimated adjusted net income of Rs 1,059 crore. Sequentially, Tata Power’s net profit dipped five per cent, and revenue from operations declined nine per cent.

 

Tata Power stated that consolidated earnings before interest, taxation, depreciation, and amortisation (Ebitda) during the quarter rose 23 per cent to Rs 3,808 crore, supported by ramped-up solar manufacturing, favourable regulatory developments in distribution, and operational efficiency across businesses.

 

In the past quarter, Tata Power reported spending Rs 5,200 crore as capital expenditure and aims to spend Rs 20,000 crore for the full year.

 

In a separate announcement, the company stated it had filed an insurance claim of approximately Rs 221 crore for damages incurred during a fire incident at the Cable Vault and subsequently the Control Room of its Trombay Plant.