Tata Power has posted an 85% rise in consolidated net profit to Rs 935 crore for the quarter ended September 30, driven by improved performance across all its businesses. The company had posted a net profit of Rs 506 crore for the same quarter of the previous fiscal.

During the quarter under review, the company’s consolidated revenue rose 49% to Rs 14,163 crore from Rs 9,502 crore recorded in the comparable year-ago period.

A consensus estimate of Bloomberg analysts had expected the firm to post a consolidated net profit of Rs 813.60 crore (five brokerages) on revenues of Rs 13,082.30 crore (five brokers).

“We have witnessed strong performance from all of our business clusters — generation, transmission, distribution, including Odisha, and renewables. The fact that our profit after tax has increased for 12th consecutive quarter demonstrates the strong foundations upon which each of these businesses have been built,” Tata Power CEO and managing director Praveer Sinha said.

The company attributed the rise in revenue to higher plant availability in Mundra, higher sales across distribution companies and capacity addition in renewables. During the quarter, Tata Power’s consolidated Ebitda rose 18% to Rs 2,043 crore compared with Rs 1,732 crore, on account of higher availability in Mundra, capacity addition in renewables and higher efficiencies achieved in the distribution business specially in Odisha discoms.

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“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 to become the preferred power utility of their choice,” Sinha added.

During the quarter, the company raised Rs 2,000 crore, completing the first tranche of total fund raise of Rs 4,000 crore from a group led by BlackRock Real Assets. It also raised $320 million in sustainability-linked loans from foreign lenders led by Bank of America.

Its total renewable capacity rose to 5,660 MW with an installed capacity of 3,870 MW and 1,790 MW under various stages of implementation. Its solar rooftop business order book pipeline stood at Rs 1,434 crore, even as it plans to set up green energy portfolio of 10,000 MW in Rajasthan in next five years.