Net profit soars 71% on strong all-round performance
Tata Power Ltd on Wednesday reported a consolidated net profit of ₹426 crore for the three months ended December, up by a massive 71% over ₹248 crore reported in corresponding period of the last year.
The strong net profit is on the back of strong all-round business performance by all verticals.
Revenue from operations rose 44% to ₹10,913 crore during the reporting period as compared to ₹7,597 crore in the last year period, due to expanded operation in Odisha discoms, higher project execution by Tata Power Solar Systems Ltd. (TPSSL), and strong performance of all other businesses
On Wednesday, Tata Power shares rose 1.51% to settle at ₹238.40 apiece on NSE.
The company’s consolidated underlying EBITDA was up by 16% at ₹2,499 crore during the third quarter as against ₹2,149 crore in last year period, mainly due to higher profit from coal mines offset by higher losses in CGPL due to increase in coal prices.
“Tata Power has delivered strong financial performance for the ninth consecutive quarter. All our business clusters have contributed significantly despite facing pandemic-related challenges, demonstrating tremendous resilience, strength and agility,” said Tata Power CEO & MD Praveer Sinha.
Tata Power’s renewable segment profit after tax (PAT) grew by 107% in the third quarter, mainly due to addition of 289 MW capacity and strong execution of both large scale and rooftop solar projects by TPSSL (Tata Power Solar Systems Ltd).
Further, TPSSL will set up 4 GW solar cell and module manufacturing capacity with an investment of ₹3,400 crore.
“We are committed to focus on key growth areas viz renewables, distribution, and new businesses comprising rooftop solar, solar pumps and EV charging. We’ll focus on utilising technology to offer smart, green energy solutions and provide world class experience to our 12 million plus customers,” Praveer Sinha further said.
The company’s cumulative solar rooftop portfolio has crossed 900 MW and the FY22 Order book crossed ₹1,000 crore with ₹375+ crore orders won in third quarter.
The channel network has also been expanded to 300+ partners across 150+ districts.
Other highlights of Tata Power Q3 results:
– Renewable Portfolio grew in PAT by 107% in Q3 FY22 vs Q3 FY21
– Tata Power Renewables successfully commissioned 100 MW Solar PV Projects in Uttar Pradesh – 50 MW each at Prayagraj and Banda in Jan-2022.
– Tata Power received ‘Letter of Award’ from MSEDCL for setting up of 300 MW Hybrid (Wind & Solar) Project through TP Saurya Limited (TPSL), a wholly owned subsidiary of Tata Power.
– Tata Power Solar received EPC orders worth ₹538 Crore from EESL to set up Multiple Distributed Ground Mounted Solar projects totaling 100 MW.
– Tata Power Solar received a Letter of Award (‘LoA’) from Solar Energy Corporation of India Ltd. (SECI) to build a 100 MW EPC Solar project along with 120 MWh Utility-Scale Battery Energy Storage System (BESS) in Chhattisgarh. The total contract value of the project is approximately ₹945 crore. The order scope includes engineering, design, supply, construction, erection, testing, O&M, and commissioning of the projects.
– Power Purchase Agreement signed with Tata Steel for 41 MW grid-connected solar projects in Jamshedpur (Jharkhand) and Kalinganagar (Odisha)
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