Tata Power Q3 net profit nearly doubles to Rs 1,052 crore

NEW DELHI: Tata Power on Friday said its consolidated net profit almost doubled to Rs 1,052.14 crore in the quarter that ended December 2022 compared to a year ago, mainly due to higher revenues.

The consolidated net profit of the company was Rs 551.89 crore in the quarter that ended on December 31, 2021, a BSE filing showed.

Total income rose to Rs 14,401.95 crore in the quarter from Rs 11,018.73 crore in the same period a year ago.

Praveer Sinha, CEO & MD, of Tata Power, said in a statement: "We are pleased to report another quarter of strong financial results with PAT (profit after tax) growing for the 13th consecutive quarter. The stellar performance from all our business clusters -- generation, transmission, distribution, and renewables -- has placed us in a very bright spot."

The first three-quarters of the current fiscal have ended on a strong note, delivering sequential revenue growth and profit, he noted. The third quarter saw significant strides in various businesses associated with green energy platforms and Transmission & Distribution (T&D) business, he stated.

"We have committed investments in renewables and in Odisha power distribution, and have further strengthened our position in rooftop solar and EV (electric vehicle) charging domains. We look forward to another successful quarter and I am confident that we will continue to create greater value for all our stakeholders," he added.

The consolidated PAT (net profit) was up by 88 per cent at Rs 2,871 crore in nine months ending December 2022 from Rs 1,523 crore in the same period a year ago.

Consolidated revenue also grew by 42 per cent to Rs 43,278 crore in the nine months as compared to Rs Rs 30,491 crore in April-December 2021, on account of capacity addition in renewables, higher generation in thermal plants and higher sales across distribution companies, it stated.

Tata Power Solar Systems Ltd (TPSSL) order pipeline, including third-party projects, stood at 3.9 GW worth Rs 15,440 crore. The TPSSL installed around 12,000 solar pumps, the highest ever execution in a single quarter, and reached a total deployment of more than 93,000 solar pumps; inching towards the 1-lakh milestone.

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Tata Power has energised 3,080-plus public and captive electric vehicle (EV) charging points across 493 locations, along with 30,000-plus home chargers and 234 bus charging points.

At Auto Expo 2023, the company announced the setting up of 25,000 EV charging points by 2025.

Total smart meter installations cross 5 lakh across Tata Power discoms in Odisha, Delhi and Mumbai.

Tata Power is one of India's largest integrated power companies and, together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 14,101 MW.

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The company has its presence across the entire power value chain -- generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution and trading.