On Thursday, Tata Power posted a 50% jump in consolidated net profit at ₹421 crores for September quarter 2021-22 on the back of higher revenues. It was ₹279 crore during the last year period. Revenue from operations increased 18% to ₹9,810 crores against ₹8,289 crores in last year’s comparable quarter.
Meanwhile, total income reached ₹10,187.33 crores in the quarter compared with ₹8,441.60 crores in the same period a year ago. The profit jump was essentially due to savings in finance prices and better performance in the renewables business.
The consolidated EBITDA during the quarter stood at ₹1,732 crore vs 2,276 crore in the last year period, essentially due to higher CGPL losses on account of higher coal prices but offset at PAT level by coal mines profits.
“The robust performance during this quarter is a reflection of our continued focus on our well-calibrated business strategy. All our business divisions and subsidiaries have reported strong results. Our consolidated financial performance was exceptionally strong on the back of robust underlying business performance,” Praveer Sinha, CEO & Managing Director, Tata Power, said.
He said that the company’s focus continues to expand its renewable and distribution businesses and go green strategy in the present generation business. Tata Power strives to size up renewable business towards its 2030 target. Clean energy currently offers up 32 per cent of Tata Power & portfolio, which is supposed to reach 80 per cent by 2030, Sinha said.
Tata Power is engaged and arranged with the government’s National Electric Mobility Mission Plan (NEMMP) 2020 and FAME II policy which focus on converting the e-mobility space of the country.
“The company has reached a significant milestone of deploying 1000 EV Public charging points across 180 cities in India. Our target is to install EV charger points over a 3,600 km stretch from India’s northernmost Kashmir to Kanyakumari. We will also continue to strengthen our solar pumps, solar roof and Solar Microgrids businesses across the country,” he stated. On Thursday, Tata Power shares closed at ₹217.95, down nearly 3% on NSE.