Tata Power on Friday posted a marginal growth in net profit at Rs 1,076 crore in the December quarter against Rs 1,052 crore in the corresponding quarter a year ago. The profit was, however, higher than analyst estimates, which had pegged it at Rs 895 crore.
The company posted a growth of 4% in its revenue from operations at Rs 14,651 crore in Q3FY24 compared with Rs 14,129 crore in Q3FY23. Analysts had expected a revenue of Rs 15,636 crore.
The company’s Ebitda (earnings before interest, taxes and amortisation) was up 15% on a year-on-year basis.
CEO and managing director Praveer Sinha said: “Our core businesses continue to perform well and have helped the company clock its 17th consecutive PAT growth quarter. As the country witnesses a surge in power demand, Tata Power is well-positioned to capitalise on the growth momentum with its cutting-edge, customised and cost-effective clean and green energy solutions.”
The generation business posted a profit before tax (PBT) of Rs 860 crore on revenues of Rs 4,958 crore, while the renewables business posted a PBT of Rs 463 crore on a revenue of Rs 2,484 crore. The transmission and distribution business posted a PBT of Rs 612 crore on a revenue of Rs 8,450 crore.
During Q3, the share of core business, including generation, transmission and distribution business, stood at 71% against 39% a year ago.
Tata Power also won its first-ever project under the tariff-based competitive bidding process during the quarter.
As of December 31, 2023, the company’s operational capacity was at 4,270 MW in the renewables segment, generating 6,031 mega units of green power. Another 4,752 MW of projects under TPREL (Tata Power Renewable Energy) and 4,120 MW of projects under TPSSL (Tata Power Solar Systems) are under execution, thus taking the total clean energy capacity to over 10,000 MW in the next 12-24 months, Tata Power said.