Tata Power net profit rises 2% to Rs 1,076 crore in Q3

NEW DELHI: Tata Power posted a marginal increase of 2 per cent in its consolidated net profit at Rs 1,076 crore in December 2023 quarter.

Its consolidated net profit was Rs 1,052 crore in the quarter ended on December 31, 2022, a company statement showed.

Total revenues also rose to Rs 14,841 crore in the quarter from Rs 14,339 crore in the same period a year ago.

Praveer Sinha, CEO and Managing Director, Tata Power, said in the statement, "Our core businesses continue to perform well and have helped the Company clock its 17th consecutive PAT (profit after tax or net profit) growth quarter."

Our consistent performance shows strong fundamentals of excellence in operational performance and project execution capability, he noted.

As the country witnesses a surge in power demand, Tata Power is well positioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions, he said.

The company stated that better realisation in the core business segments, consisting of generation, transmission & distribution, and renewables, helped grow its profit.

The PAT during nine-month period of FY24 (April to December) grew to Rs 3,235 crore as against Rs 2,871 crore in the same period of previous financial year.

During April-December 2023, the company's revenue grew to Rs 45,286 crore, an all-time high for the said period, it stated.

As on December 31, 2023, the company's operational capacity stood at 4,270 MW in the renewables segment, generating 6,031 MUs (million units) of green power.

Another 4,752 MW of projects under TPREL (Tata Power Renewable Energy) and 4,120 MW of projects under TPSSL (Tata Power Solar Systems) are under execution, thus taking the total clean energy capacity to over 10,000 MW in the next 12-24 months.

The company is on an accelerated growth trajectory of transitioning to green energy and aiming for around 70 per cent of capacity from non-fossil-based fuels by 2030.

Tata Power is a leading integrated power company and a part of Tata Group.

The company has a diversified portfolio of 14,453 MW, spanning across the entire power value chain -- from renewable and conventional energy generation to transmission & distribution, trading, storage solutions and solar cells and module manufacturing.

Tata Power has 5,593 MW of clean energy generation, which constitutes 39 per cent of its total capacity.