Tata Power on Wednesday recorded a profit of Rs 1,017.41 crore for the second quarter of FY24, up 8.8 per cent in comparison to Rs 935.18 crore during the same period last year. Tata Power said that core businesses contributed 84 per cent in the Q2 profit. It posted revenue from operations at Rs 15,738.03 crore, up 12.2 per cent as against Rs 14,030.72 crore during the second quarter of FY23, largely driven by higher revenue from core businesses of Generation, Transmission and Distribution. The company EBITDA stood at Rs 3,090.4 crore, up 75.5 per cent on-year. 

“We have reported yet another strong quarter of financial performance, driven by robust contributions from all our core business clusters. Our adherence to financial discipline, operational excellence along with business resilience and diversification has helped us in maintaining this consistent profit growth. We are constantly focusing on new areas of growth such as our Greenfield solar cell and module manufacturing plant in Tamil Nadu which has produced its first module in this quarter and is on track to roll out the first cell into Q4FY24,” said Dr Praveer Sinha, CEO and Managing Director, Tata Power.

With Net Debt to Underlying EBITDA improving to 2.65x (from 2.73x in Q1FY24) and Net Debt to Equity improving to 1.02x (from 1.09x in Q1FY24) during the quarter, the company’s balance sheet continues to strengthen. Acknowledging these strong business fundamentals, Moody’s has upgraded Tata Power’s corporate family rating to Ba1/Stable from Ba2/Stable.

Tata Power’s clean energy portfolio achieved the milestone of 5,500 MW during Q2FY24, standing at 38 per cent of total installed generation capacity. Tata Power also made significant progress in its Distribution Business by improving its cash flow and reducing AT&C losses in Odisha. Further, it is well-poised to capitalize on the Pumped Hydro Storage projects and has signed an MoU with the Maharashtra Government for the development of 2,800 MW projects.

“We are continually taking significant strides in enabling green energy transition by supplying Round-theClock renewable energy with hybrid solar and wind plants along with Pumped Storage plants,” said Dr Praveer Sinha.