Tata Power posted a 11% jump in profit after tax (PAT) at Rs 1,046 crore in Q4FY24, as compared to Rs 939 crore in Q4FY23. Analysts had estimated a profit of Rs 950 crore.
The company’s revenues rose 27% at Rs 16,256 crore, a tad higher than analyst estimates of Rs 16,009 crore.
The company’s PAT for FY24 rose 12% at Rs 4280 crore, while revenues for the full year went up 10% at Rs 61,542 crore.
“All over, companies are consistent in performance. Our operations have improved. All this is improving our profitability. Every quarter, we are improving our PAT,” said Praveer Sinha , chief executive and managing director at Tata Power in a concall with media persons.
The company will incur a capital expenditure of Rs 20,000 crore in FY25, half of which will go towards renewable energy and balance towards trasmission to and distribution and conventional energy, Sinha said.
He said the company has spent Rs 10,000 crore in FY24.
Sinha said the company will play a significant role in Surya Gruha Yojana announced by the Prime Minister.
“The PM has announced that 1 crore houses will be lit up. With an average size of 2 to 3 KV, it comes to 25 to 30 MW of rooftop installations and takes three to four years to be implemented,” he said.
On the RBI’s proposed rules for funding projects under construction, he said it is in discussion stage and it is premature to say anything on that.
He said the company’s renewable energy capacity is at 10GW and they are on track to achieve 15 GW by FY27.
“We are committed to supplying round-the-clock renewable energy to our consumers, with a mix of solar, wind and pumped hydro storage projects in our portfolio,” Sinha said in a release.
“Odisha discoms have demonstrated the success of the public private partnership model and are now profitable within a short span of three years. We are well poised to take on newer power distribution opportunities once they open for privatisation,” he said.