Tata Power Reports 29% Growth In PAT In Q1 YoY

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Tata Power today announced its financial results for Q1 of FY24. The Indian power company reported a 29 percent growth in its consolidated Profit After Tax (PAT). Its net profit stood at Rs 884 crore during Q1 of FY 23, which notched up to Rs 1,141 crore during the Q1 of FY24, registering a 29 percent growth. It said that this was due to the strong performance across all businesses.

In a statement to the media, the company said that its revenue and EBITDA rose on a YoY basis. As per the financial details for the quarter ending June 30, 2023, the company’s consolidated revenues increased from Rs 14,776 crore to Rs 15,003 crore, registering a 2 percent growth. The company attributed this to the higher sales across Distribution Companies and capacity addition in renewables.

Its EBITDA meanwhile increased up to 43 percent on a YoY basis. While its EBITDA stood at Rs 2,107 crore in Q1 of FY23, its EBITDA touched up to Rs 3,005 crore in Q1 of FY24. The company said that it was its 15th consecutive net profit growth on a YoY basis. 

Praveer Sinha, CEO & MD, Tata Power, said, “We have delivered a 15th consecutive quarter of PAT growth on the back of strong performance across all business clusters. This is the result of our effective strategies, operational efficiencies, and execution excellence driven by our committed workforce. We have planned nearly ₹12,000 crore of capex for the current financial year that would help us lead the green energy transition and in the growth opportunities in the transmission and distribution business.”

The company said it has numerous renewable projects in the pipeline in different parts of the country, including a 2800 MW of Pumped Hydro Storage Project in Maharashtra. It said it won renewable projects worth 1,214 MW during the Q1 of FY24. 

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During the quarter, 1,214 MW of projects won in Q1FY24; Total 184 MW of renewable energy projects commissioned, including 110 MW for supply to the Kerala State Electricity Board
Tata Power Renewable Energy Limited, through its subsidiary TP Vardhaman Surya Limited, received Letter of Award (“LOA”) to set up 966 MW RTC (Roundthe-clock) hybrid renewable power for Tata Steel. TP Saurya Limited entered into a pact with Tata Power Trading Company Limited to set up a 200 MW solar project in Rajasthan. The project will be connected to the Central Transmission Utility (CTU) Bus and will supply 485 million units of energy annually. During Q1FY24, total business in the rooftop solar stood at ₹390 crore  Well diversified Utility Scale order book stands at 4.2 GW worth ₹ 17,643 crore. Rooftop Solar and Group Captive Order Book stands at ₹ 2,504 crore.

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The company also operates the largest E Charging network in the country, which it will augment with the addition of 1,018 e-bus charging points for Tata Motors CESL project in Delhi, Jammu, Srinagar, and Bengaluru, among other projects.