Tata Power Company reported 2.28% jump in consolidated net profit to Rs 1076.12 crore in Q3 FY24 as compared with Rs 1052.14 crore in Q3 FY23.
The company witnessed growth in profit due to better realisation in the core business segments consisting of Generation, Transmission & Distribution and Renewables.Revenue from operations increased 3.69% to Rs 14,651 crore in Q3 FY24 from Rs 14,129.12 crore in Q3 FY23.
Profit before tax declined 20.13% YoY to Rs 1488.76 crore in Q3 FY24.
EBITDA stood at Rs 3,250 crore, registering the growth of 15% as compared with Rs 2,818 crore posted in corresponding quarter last year.
Core businesses of generation, transmission & distribution and renewables contribute more than 71% of the profit during the quarter as compared with 39% contributed in same quarter last year.
The strong momentum in the core business segment also shows the company's contribution to the energy transition that the country is witnessing. The company has been working in various ways, including the development of 2.8 GW Pumped Hydro Storage Projects with an investment of approximately Rs 13,000 crore, to offer firm and 24x7 dispatchable renewable energy to all segments of consumers.
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As on 31st December 2023, the companys 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 Company 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.
Praveer Sinha, CEO and managing director, Tata Power, said, 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.
Tata Power Company is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed / managed capacity of 14,453 MW. The company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.
The scrip declined 3.79% to settle at Rs 392.10 on Friday, 9 February 2024.
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