Tata Power Q3 Results, TN Cell and Module Plant To Start By End Of 2023

Tata Power announced its Q3 Fy23 results on Friday, reporting consolidated net profits almost double of the numbers in the corresponding quarter of previous year. At Rs 1,052.14 crore in the quarter ended December 2022, the profit growth was aided by higher power generation and distribution sales, as well as improved realisation per unit.

Strong Growth Driven By Operational Strength

Total income rose to Rs 14,401.95 crore in the quarter from Rs 11,018.73 crore in the same period a year ago.

The firm also benefited from the tariff notified by the Ministry of Power (MoP), and orders of the Central Electricity Regulatory Commission (CERC) for imported coal-based power plants. That meant its Mundra power plant generated revenues and income, rather than being the drag it was on numbers in previous years.

The company, along with its subsidiaries and jointly controlled entities, has an installed capacity of 14,101 megawatt (MW).

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Tata Power aims to operationalise its solar cell and module facility being set up in Tamil Nadu by December-end of this year, the company’s CEO & MD Praveer Sinha said.

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In July 2022, Tata Power inked a pact with the Tamil Nadu government to invest Rs 3,000 crore for setting up a new facility to manufacture solar cells and modules in Tirunelveli district of the state.

The construction work is going on in full swing. The equipment to set up the unit have already been ordered. The aim is to make the plant operational by December-end of this year, Sinha told PTI.

He made the remarks in a reply to a question on the timeline of the project.

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Other highlights the firm shared for Q3 Fy23 include-

• Order pipeline of TPSSL, including third party projects, stands at 3.9 GW worth ₹ 15,440 crore
• TPREL received ‘Letter of Award’ from Tata Power Delhi Distribution Limited (TPDDL) to set up 255 MW Hybrid Project with a green shoe option for another 255 MW
• TPREL received ‘Letter of Award’ from MSEDCL to set up 150 MW solar project in Maharashtra
• TPREL Rooftop Solar (RTS) Business orderbook pipeline stands at ₹1,300+ crore
• Rooftop Solar Business increased channel network to more than 450 partners spread across 275 districts
• Tata Power Solar Systems Limited (TPSSL) launched off-grid solar solutions in West Bengal, Bihar, and Jharkhand. The off-grid solutions provide a combination of high-efficiency solar modules, inverters and batteries and are available in 11 variants ranging from 1 – 10 kW with 5year warranty
• TPREL signed an agreement to set up India’s first group captive solar plant for a large, premium housing society – Vivarea Condominium in Mumbai
• TPSSL installed around 12,000 solar pumps, highest ever execution in a single quarter. Reached a total deployment of more than 93,000 solar pumps; inching towards the 1 lac milestone
• Tata Power has energized 3,080+ public and captive EV charging points across 493 locations, along with 30,000+ home chargers and 234 bus charging points. The firm has already announced setting up of 25,000 EV Charging Points by 2025 at the AutoExpo