Tata Power reported a 50% increase in consolidated net profit to 421 crores for the September quarter of 2021-22, owing to higher sales. In the previous year, it was 279 crore.
Revenue from operations increased by 18% to $9,810 crore, compared to $8,289 crore in the same period the previous year.
In the meantime, the total income for the quarter was 10,187.33 crore, up from 8,441.60 crores in the same quarter a year before.
The increase in profit was mostly attributable to lower finance costs and improved performance in the renewables segment.
The consolidated EBITDA for the quarter was 1,732 crore, down from 2,276 crore in the previous quarter, owing to increased CGPL losses due to higher coal prices, which were somewhat offset at the PAT level by coal mine earnings.
“This quarter’s strong performance reflects our sustained commitment to our well-balanced company plan. Our business divisions and subsidiaries have all delivered excellent outcomes. On the back of strong underlying business performance, our consolidated financial performance was extraordinary “Tata Power’s CEO and Managing Director, Praveer Sinha, stated.
He stated that the company’s priority will continue to be on expanding its renewable and distribution businesses, as well as its go-green strategy in the existing generation sector.
Tata Power wants to expand its renewable energy industry by 2030. Clean energy presently accounts for 32% of Tata Power’s portfolio, with that figure predicted to rise to 80% by 2030, according to Sinha.
