On Friday, Tata Power Company Ltd. reported a 94.1% increase in second-quarter profit, with energy consumption maintaining strong as the economy picked up after the pandemic lockdowns.
For the three months ending September 30, the energy division of the Tata conglomerate’s consolidated net profit increased from 4.22 billion Indian rupees to 8.19 billion rupees ($99.34 million), according to a filing with the stock exchange.
As the monsoon recedes and the festival season proceeds, power usage has recovered and is expected to rise in the upcoming months. Power costs have increased as a result of rising coal prices and heavy demand.
Operating revenue increased by 43% overall to 140.31 billion rupees.
According to Chief Executive Officer Praveer Sinha, the company experienced substantial growth across all of its business segments, including generation, transmission, distribution, and renewable energy.
While the company’s primary sources of income are power generation and transmission, it is actively expanding its renewable energy sector and in April acquired $525 million from a consortium led by BlackRock to support this expansion.
Power generating revenue increased by 118% to 48.34 billion rupees, transmission revenue increased by 32.9%, and renewables revenue increased by 7.2%.