Tata Power Results In Line With Expectations, Q4 Profits Up 18%

Tata Power has announced its Q4 results. During the year, the firm owned its highest-ever PAT of ₹ 4,280 crore and Revenue of

₹ 61,542 crore for FY24

 Q4 FY24 PAT up 18% to ₹ 1,109 crore, making it the 18^th consecutive quarter of PAT growth

During the quarter, the company’s renewables portfolio crossed the 10 GW mark, after including operational (4.5GW) and pipeline projects (5.5 GW).

The 4.3 GW cell and module manufacturing line in Tamil Nadu commenced production and produced 130 MW modules in Q4.

Tata power also commissioned India’s largest solar (100MW) and battery (120MWh)  storage project in Chhattisgarh.

The rooftop business portfolio now stands over 2 GW, easily the largest such portfolio in the country.

 

Consolidated financial performance (in ₹ crore)

Particulars	Q4 FY24	Q4 FY23	% Change YoY	FY24	FY23	% Change (YoY)
Revenue	16,256	12,755	27%	61,542	56,033	10%
EBITDA	3,358	3,101	8%	12,701	10,068	26%
PAT (before exceptional)	1,109	939	18%	4,109	3,810	8%
Reported PAT	1,046	939	11%	4,280	3,810	12%

 

The Company’s Board of Directors has recommended a dividend of ₹ 2 per equity share, subject to shareholders’ approval.

 

Dr. Praveer Sinha, CEO and Managing Director, Tata Power, said, ” The Company reported yet another quarter of stellar results with Q4FY24 being the 18th consecutive quarter of PAT growth. The operational and financial performance of all our core businesses – Generation, T&D and Renewables – has been strong and is on a growth path.

 Today, Tata Power stands at the forefront of India’s energy transition with its integrated presence across the value chain. Our clean energy portfolio will touch 15 GW by FY27 and we are committed to supplying round-the-clock renewable energy to our consumers with a mix of solar, wind and Pumped Hydro Storage Projects in our portfolio.

The Odisha Discoms have demonstrated the success of the Public Private Partnership model and are now profitable within a short span of three years. We are well-poised to take on newer power distribution opportunities once they open for privatization.

The rooftop solar business is displaying growth momentum and with a portfolio of over 2 GW, we are well-positioned to tap the increasing opportunities, especially under the PM Surya Ghar Yojana which aims to light up one crore households. ”

The Company is on an accelerated growth trajectory of transitioning to green energy and aiming for around 70% of capacity from non-fossil-based fuels by 2030.

The Company has 6,277 Ckm (Circuit Kms) of transmission lines portfolio including 1,651 Ckm capacity in pipeline. During FY24, the Company won two projects worth ~ ₹ 2,300 crore under Tariff-Based Competitive Bidding (TBCB) process – the Interstate Transmission System (ISTS) – Bikaner III Neemrana II Transmission Ltd and the Intrastate Transmission Scheme in Uttar Pradesh through SPV Jalpura Khurja Power Transmission Ltd.

Enabling E-Mobility Across India

• Tata Power EZ Charge has energized a total of ~5,500 public and captive EV charging points across 530 + cities, along with 86,000+ home chargers and 850+ bus charging points
• Pan-India EV Charging network achieved a milestone of powering 10 crore green kms
• Tata Power now has 1,000 green energy-powered EV charging points in Mumbai
• Tied up with IOCL to set-up over 500 charging points across India
• Signed PPA with BluSmart to decarbonize their EV mobility at scale by providing clean energy supply
• Signed MoUs with the Ayodhya Development Authority and Government of Assam to set-up EV charging infrastructure
• Partnered with the Airport Authority of India to deploy EV chargers in Kolkata & Ranchi
• Partnered with Le Roi Hotels and Resorts to power ‘Green Tourism’, installed EV chargers across 8 tourist locations
• 5000+ RFID cards enabling hassle free single tap EV charging facility