Tata Power Ltd posted a combined net profit of 426 crores for the three months ended December, up 71 percent from the similar period previous year’s figure of 248 crores.
The high net profit is the result of overall company success across all verticals.
Revenue from operations increased 44 % to 10,913 crores in the reporting quarter, up from 7,597 crores in the previous year period, owing to expanded operations in Odisha discoms, higher project execution by Tata Power Solar Systems Ltd. (TPSSL), and robust performance across all divisions.
Tata Power shares increased 1.51% to $238.40 per share on the NSE on Wednesday.
The company’s combined underlying EBITDA increased by 16 percent during the third quarter to 2,499 crore from 2,149 crore in the previous year period, owing mostly to greater profits from coal mines offset by increased losses in CGPL due to increased coal prices.
“Tata Power has delivered a strong financial performance for the ninth consecutive quarter. All our business clusters have contributed significantly despite facing pandemic-related challenges, demonstrating tremendous resilience, strength, and agility,” stated Tata Power CEO and MD Praveer Sinha.
Tata Power’s renewable sector profit after tax (PAT) increased by 107% in the q3, owing primarily to the installation of 289 MW capacity and TPSSL’s successful implementation of both large-scale and rooftop solar facilities (Tata Power Solar Systems Ltd). TPSSL would also invest Rs 3,400 crore to establish a 4 GW solar cell and module production capability.
