Tata Power on Tuesday reported a 103 per cent year-on-year (YoY) surge in consolidated net profit at Rs 795 crore in the quarter ended 30 June, 2022. With this, the company has posted consecutive quarter of profit after tax (PAT) growth, Tata Power said in a regulatory filing.
The company had posted a net profit of Rs 391 crore in the year-ago period.
Its consolidated revenue from operations increased 43 per cent to Rs 14,495 crore in the quarter under review as against Rs 10,132 crore in the same quarter last fiscal.
Furthermore, Tata Power’s EBITDA, or earnings before interest, taxes, depreciation, and amortization stood at Rs 2,107 crore as against Rs 2,365 crore in Q1FY22 (due to favourable regulatory order in Mundra the previous year.)
It also stated that it has set up a network of over 2,350 public and semi-public EV chargers with another 1,400-plus chargers in various stages of installation. It has also installed 18,500 home chargers and 240 bus charging points across India.
Commenting on the results, Praveer Sinha, CEO & MD at Tata Power said, “We have started the new fiscal year on a solid note with all of our business clusters – Generation, Transmission, Distribution, including Odisha, and Renewables – performing very well. This is aptly reflected in our 11th consecutive quarter of PAT growth. We have a robust growth trajectory with stable long-term cost structures and competitiveness across businesses. We are offering a wide range of energy services across the entire value chain along with cutting-edge technologies and superior project execution capabilities. As a future-ready EaaS company, we are well poised to contribute towards India’s green energy transition.”
Shares of Tata Power on Tuesday closed 2.73 per cent lower at Rs 226.15 apiece on BSE.