On February 9, Tata Power announced a consolidated net profit for the third quarter of FY23–24 of Rs 1,076.12 crore, representing a 2% year-over-year increase over the consolidated profit of Rs 1,052.14 crore from the previous year. Better realization in the key business categories of generation, transmission, distribution, and renewables, according to the corporation, is what led to the net profit.
Comparing the same period last year to this one, the Tata Group company's consolidated revenue climbed by 6.2 percent to Rs 15,294.13 crore from Rs 14,401.95 crore. The corporation credited synergies between business clusters, operational efficiency, and a robust balance sheet for its impressive financial success. From Rs 2607.61 crore to Rs 3060.55 crore, its earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 20%.
Tata Power's CEO and Managing Director, Praveer Sinha, stated: "The company has recorded its 17th consecutive profit after tax (PAT) growth quarter thanks to the continued success of our core operations. Our steady performance demonstrates the solid foundations of operational performance excellence and project execution capacity."
"As the country witnesses a surge in power demand, Tata Power is well- positioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions," he stated.
As of December 31, 2023, the company produced 6,031 MUs of green power with an operational capacity of 4270 MW in the renewables area. The next 12 to 24 months will see the completion of 4752 MW of TPREL projects and 4120 MW of TPSSL projects, bringing the total clean energy capacity to above 10,000 MW. The company is moving towards a green energy transition at a faster pace, with the goal of having about 70% of its capacity come from non-fossil sources by 2030.
"The company has been working in various ways, including the development of 2.8 GW pumped hydro storage projects with an investment of Rs 13,000 crore, to offer firm and 24x7 dispatchable renewable energy to all segments of consumers," the statement read.
Compared to 39% in FY23, Tata Power's primary businesses of generation, transmission and distribution, and renewables accounted for more than 71% of the PAT before extraordinary items in Q3 FY24.
On February 9, the company's shares closed 3.76 percent higher on the NSE at Rs 392.10.
