Tata Power on Tuesday posted a nearly 90 per cent jump in its consolidated net profit to Rs 883.54 crore for the April-June quarter of the current fiscal driven by higher income.
The company had posted a net profit of Rs 465.69 crore in the same quarter of 2021-22, Tata Power said in a BSE filing.
Its total income increased to Rs 14,638.78 crore in April-June FY23 from Rs 10,310.21 crore in the year-ago period.
Expenses were also higher at Rs 14,660.14 crore against Rs 9,479.80 crore in the April-June period of the preceding fiscal.
In a separate statement, the company said it plans a consolidated capex of Rs 14,000 crore in 2022-23, including a Rs 10,000 crore investment in the renewables sector.
Tata Power CEO and MD Praveer Sinha said the company’s all “business clusters” namely generation, transmission, distribution and renewables performed well.
“This is aptly reflected in our 11th consecutive quarter of PAT (profit after tax) growth. We have a robust growth trajectory with stable long-term cost structures and competitiveness across businesses. As a future-ready EaaS (The Energy Storage as a Service ) company, we are well poised to contribute towards India’s green energy transition,” he said.
According to the statement, the company in the renewable energy sector has signed a memorandum of agreement (MoU) with the Tamil Nadu government for setting up a 4-gigawatt solar cell and module plant with an investment of Rs 3,000 crore.
The total renewable capacity of the company is 5,524 MW, with an installed capacity of 3,634 MW and 1,890 MW under various stages of implementation. The company also installed over 75,000 solar pumps in various states.
In the transmission and distribution (T&D) segment, the company “completed acquisition of 100 per cent of stake in NRSS XXXVI Transmission Ltd on 4th April through Resurgent Power.” Tata Power installed 2,90,000 smart meters in Delhi and 60,000 in Mumbai. It also added 18,102 green consumers having annualized consumption of 194 million units in Mumbai.