During the corresponding period of the previous year, the Tata Group company witnessed a growth in consolidated revenue by 6.2 percent, reaching Rs 15,294.13 crore from Rs 14,401.95 crore.
Tata Power Announced its financial results for the third quarter of FY23-24, reporting a consolidated net profit of Rs 1,076.12 crore. This represents a 2 percent increase compared to the previous year’s consolidated profit of Rs 1,052.14 crore. The company attributed this growth to improved performance in its core business segments, including generation, transmission, distribution, and renewables.
Furthermore, Tata Power’s consolidated revenue for the quarter rose by 6.2 percent to Rs 15,294.13 crore, surpassing the Rs 14,401.95 crore recorded during the same period last year. The company credited its strong financial performance to a healthy balance sheet, operational excellence, and synergies across its various business clusters.
The EBITDA of Tata Power saw a significant increase of 20 percent, reaching Rs 3060.55 crore from Rs 2607.61 crore. Praveer Sinha, the CEO and Managing Director of Tata Power, expressed his satisfaction with the company’s performance, highlighting the consistent growth in profit after tax (PAT) for the 17th consecutive quarter. This achievement reflects the company’s strong operational performance and ability to execute projects with excellence.
Sinha also emphasized Tata Power’s advantageous position to capitalize on the growing power demand in the country. With its advanced, tailored, and cost-effective clean and green energy solutions, the company is well-equipped to leverage the momentum of this growth.
By the end of December 31, 2023, the operational capacity of the company in the renewables sector was recorded at 4,270 MW, resulting in the generation of 6,031 MUs of environmentally friendly power. Additionally, there are ongoing projects under TPREL with a capacity of 4,752 MW and projects under TPSSL with a capacity of 4,120 MW, which will contribute to a total clean energy capacity of over 10,000 MW within the next 12-24 months. The company is currently on a fast-paced growth path towards transitioning to green energy and aims to derive approximately 70 percent of its capacity from non-fossil-based fuels by 2030.
Tata Power of India announced a slightly increased profit for the third quarter on Friday, due to the impact of rising costs on robust energy demand.
Tata Power stated that it has been engaged in multiple endeavors, such as the creation of 2.8 GW pumped hydro storage projects worth Rs 13,000 crore, in order to provide reliable and continuously available renewable energy to all consumer sectors.
The power transmission company has announced a consolidated net profit of 9.53 billion rupees ($114.8 million), reflecting a slight increase of 0.8% compared to the previous year.
The company’s revenue growth was hindered by the increased costs of power purchase and raw materials. These expenses rose by 3.7% to 142.54 billion rupees, while the revenue also increased proportionately to 146.51 billion rupees.
According to analysts at Investec, India experienced a significant increase in electricity generation during the October-December period, with a year-on-year growth of 8.7%. This growth was primarily driven by strong industrial demand, resulting in a 13.8% rise in peak average demand to 218 gigawatts (GW).
Furthermore, India’s industrial output showed promising growth, reaching its fastest pace in 16 months in October. It continued to rise by 2.4% in November, and data for December is expected to be released later this month.
The surge in demand had a predominantly positive impact on Indian power companies. Power Grid, JSW Energy, and Adani Power all witnessed an upswing in profits. However, Torrent Power faced a decline in profit due to the escalated fuel expenses. Consequently, Tata Power’s shares closed with a 3.8% decrease before the announcement of the results.