Tata Power on Wednesday reported a net profit of Rs 884 crore for the June quarter, a 90% rise year-on-year. The rise was driven by improved performance in all sectors, including generation and transmission & distribution.
In the same quarter last fiscal, Tata Power had reported Rs 466 crore net profit. This is the eleventh consecutive quarter that the company has reported profit growth y-o-y.
“We have started the new fiscal year on a solid note with all of our business clusters – generation, transmission, distribution and renewables – performing very well. This is aptly reflected in our 11th consecutive quarter of PAT growth,” said Tata Power’s MD & CEO Praveer Sinha in a statement.
Attributing the rise in net profit to also profit from its coal companies, Tata Power said its consolidated revenue rose by 43% during the quarter to Rs 14,495 crore.
Operating margin of the company fell to 13% in Q1FY23 compared with 18% a year earlier. Earnings before interest, tax, depreciation and amortisation (Ebitda), however, squeezed by 11% in the first quarter of the current fiscal to Rs 2,107 crore compared with Rs 2,365 crore a year