The Business Bytes
TBB BUREAU
NEW DELHI, FEBRUARY 9, 2022
Tata Power, one of India’s largest integrated power companies and the leading progressive green energy brand with operations across the entire power value chain, on Wednesday posted a 74 per cent rise in its consolidated net profit to Rs 552 crore for the third quarter of the current financial year (Q3FY22) on the back of higher revenues.
It’s the ninth consecutive quarter of PAT growth, it added.
“Consolidated PAT (profit after tax) up by 74 per cent YoY year at Rs 552 crore vs Rs 318 Crore in Q3 FY21 (October-December 2020) on the back of strong all-round business performance by all verticals,” a company statement said.
Consolidated revenue also went up by 42 per cent to Rs 11,015 crore, from Rs 7,756 crore in Q3 FY21 due to expanded operation in Odisha discoms, higher project execution by Tata Power Solar Systems Ltd (TPSSL), and strong performance of all other businesses, it said.
The Standalone Revenue up by 30 per cent YoY (year-on-year) at Rs 2,159 crore as compared to Rs 1,655 crore in Q3 FY21 mainly due to higher fuel cost .
Consolidated underlying EBITDA was up by 16 per cent at Rs 2,499 crore vs Rs.2,149 crore in Q3 FY21 mainly due to higher profit from coal mines offset by higher losses in CGPL due to increase in coal prices.
Commenting on the Company’s performance, Tata Power CEO and Managing Director Praveer Sinha said, “Tata Power has delivered strong financial performance for the 9th consecutive quarter. All our business clusters have contributed significantly despite facing pandemic-related challenges, demonstrating tremendous resilience, strength and agility.”
“We are committed to focus on key growth areas viz. renewables, distribution, and new businesses comprising rooftop solar, solar pumps and EV charging. We’ll focus on utilising technology to offer smart, green energy solutions and provide world class experience to our 12 million plus customers,” he added.
