Tata Power Company's consolidated net profit surged 84.94% to Rs 935.18 crore in Q2 FY23 as against Rs 505.66 crore reported in Q2 FY22
The company's PAT has increased for the 12th consecutive quarter, demonstrating the effectiveness of its business strategy. The rise in the net profit was mainly driven by improved performance across all businesses.
Revenue from operations jumped 43.02% to Rs 14,030.72 crore in Q2 FY23 from Rs 9,810.22 crore recorded in the corresponding quarter previous year. The increase in the revenue was aidded by higher plant availability in Mundra, higher sales across distribution companies and capacity addition in renewables.
Consolidated profit before tax stood at Rs 1,372.85 crore in quarter ended 30 September 2022, registering a growth of 115.27% from Rs 637.74 crore reported in the same period a year ago.
EBITDA jumped 18% to Rs 2,043 crore in Q2 FY23 as against Rs 1,732 crore in Q2 FY22 on account of higher availability in Mundra, capacity addition in Renewables and higher efficiencies achieved in the distribution business specially in Odisha Discoms.
The company's revenue from Generation stood at Rs 4,833.57 crore (up 118.04% YoY), revenue from Renewables was at Rs 1,603.49 crore (up 7.27% YoY) and revenue from Transmission and Distribution stood at Rs 9,020.23 crore (up 32.9% YoY) in Q2 FY23.
Dr. Praveer Sinha, CEO & MD of Tata Power, said, We have witnessed strong performance from all of our business clusters - Generation, Transmission, Distribution, including Odisha, and Renewables. The fact that our PAT has increased for 12th consecutive quarters demonstrates the strong foundations upon which each of these businesses have been built. We are working towards strengthening our presence across the entire Green and Clean Energy value chain. We are building smart, sustainable and customised clean energy products and solutions for our more than 12 million consumers across rural and urban India in order to become the preferred power utility of their choice.
He further added , Our goals are aligned with the country's energy priorities, and we will keep working towards accelerating India's transition to clean energy while putting a sharp focus on the 3 Ds - Decarbonisation, Digitization, and Decentralisation which are the pillars of the new age energy sector.
Tata Power is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 14,002 MW. The company has a presence across the entire power value chain - generation via renewables as well as conventional power including hydro and thermal energy; transmission & distribution, coal & freight, logistics, and trading.
Shares of Tata Power shed 0.40% to close at Rs 225 on the BSE.
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