Tata Power, one of India’s leading power generating company registered a 71.6 per cent increase in its net profit during Q3, FY2021-22 to Rs 425.8 crore. It was 248 crore during corresponding period last fiscal.
The company also witnessed a 43.6 per cent increase in its consolidated revenue from operations to Rs 10,913.1 crore for Q3FY22. The company said the rise in revenue is at the back of expanded operation in Odisha power distribution companies, higher project execution by Tata Power Solar Systems (TPSSL) and strong performance of all other businesses
The company its consolidated underlying EBITDA was up by 16 per cent at Rs 2,499 crore, “mainly due to higher profit from coal mines offset by higher losses in Coastal Gujarat Power ltd (CGPL) due to increase in coal prices.”
Praveer Sinha, CEO and Managing Director, Tata Power said, “Tata Power has delivered strong financial performance for the 9th consecutive quarter. All our business clusters have contributed significantly despite facing pandemic-related challenges, demonstrating tremendous resilience, strength and agility. We are committed to focus on key growth areas viz renewables, distribution, and new businesses comprising rooftop solar, solar pumps and EV charging.”
The highest growth segment for the integrated power company came from its renewable business. In its renewable portfolio, the company witnessed a 107 per cent increase in profit. The company said, TPSSL will set up 4 GW solar cell and module manufacturing capacity with an investment of Rs 3,400 crore.
In the rooftop solar segment, the company’s cumulative portfolio crossed 900 Mw and its FY22 order book crossed Rs 1,000 crore.