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Tata Power Q2 Earnings; Net Profit Rises 8.8% YoY

The company reported an 8.79% YoY increase in its consolidated net profit at Rs 1,017.41 crore.

Tata Power on 8 November announced its earnings for the July-September quarter of the current fiscal year.

The company reported an 8.79% year-on-year (YoY) increase in its consolidated net profit at Rs 1,017.41 crore for the quarter under review from Rs 935.18 crore reported in the same quarter last year. The profit during the quarter was driven on the back of higher revenue from the company’s core businesses of generation, distribution, and transmission.

The consolidated revenue for the quarter saw a 9% YoY increase to Rs 15,442 crore during the quarter from Rs 14,163 crore reported in the year-ago quarter.

The company attributed its strong financial performance to its operational excellence, healthy balance sheet, and synergies across all its businesses.

The company’s EBITDA (earnings before interest, taxes, depreciation and amortisation) for the quarter came in at Rs 3,087 crore, which is a 51% YoY jump from the year-ago quarter.

Praveer Sinha, CEO and Managing Director of Tata Power said that this quarter is the 16th consecutive quarter that reported a profit after tax growth for the company.

He added, “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.”

Its clean energy portfolio has achieved the milestone of 5,500 megawatts during the quarter, standing at 38% of total installed generation capacity.

In its regulatory filing, the company said, “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 capitalise on the pumped hydro storage projects and has signed an MoU with the Maharashtra government for the development of a 2,800 MW projects.”

At 3:30 pm, the shares of Tata Power Closed 1.96% higher at Rs 254.70 on NSE.

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