Tata Power has posted a 91% rise in consolidated net profit at Rs 1,052 crore for the third quarter ended December, beating Street estimates, led by good performance of its business clusters. In comparison, the company had posted a net profit of Rs 552 crore during the same period a year ago.
During the reporting quarter, the company’s revenue rose 30% to Rs 14,339 crore from Rs 11,015 crore recorded during the same quarter of previous fiscal. A consensus estimate of Bloomberg analysts was expecting the firm to post a consolidated net profit of Rs 900.50 crore (7 brokers) on revenues of Rs 13,837.10 crore (7 brokers).
“The stellar performance from all our business clusters — generation, transmission, distribution and renewables — has placed us in a bright spot. The first three quarters of the current fiscal have ended on a strong note, delivering sequential revenue growth and profit. The third quarter saw significant strides in various businesses associated with our Green Energy Platform and Transmission & Distribution (T&D) business,” Tata Power CEO & MD Praveer Sinha said.
The company’s consolidated Ebitda for the quarter was up by 53% to Rs 2,818 crore, compared with Rs 1,841 crore in Q3 FY22, due to capacity addition in renewables and better performance across all businesses.
During the quarter, the order book of Tata Power Solar Systems (TPSSL), a subsidiary, stood at 3.9 GW worth Rs 15,440 crore, while that of Tata Power Renewable Energy (TPREL) received a Letter of Award (LoA) to set up 255 MW hybrid project.