Tata Power profit rises 51% to ₹421 cr on higher revenues1 min read . Updated: 28 Oct 2021, 05:49 PM IST
- Tata Power results: Revenue from operations rose 18% to ₹9,810 crore as against ₹8,289 crore in the corresponding quarter of last year.
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Tata Power on Thursday posted 50% jump in consolidated net profit at ₹421 crore for September quarter 2021-22 on the back of higher revenues. It was ₹279 crore in the last year period.
Revenue from operations rose 18% to ₹9,810 crore as against ₹8,289 crore in the corresponding quarter of last year.
Total income, meanwhile, stood at ₹10,187.33 crore in the quarter when compared with ₹8,441.60 crore in the same period a year ago.
The profit jump was mainly due to savings in finance cost and better performance in renewables business.
The consolidated EBITDA during the quarter stood at ₹1,732 crore vs 2,276 crore in the last year period, mainly due to higher CGPL losses on account of higher coal prices but offset at PAT level by coal mines profits.
"The robust performance during this quarter is a reflection of our continued focus on our well calibrated business strategy. All our business divisions and subsidiaries have reported strong results. Our consolidated financial performance was exceptionally strong on the back of robust underlying business performance," Praveer Sinha, CEO & Managing Director, Tata Power said.
The company's focus continues to remain towards the expansion of its renewable and distribution businesses and go green strategy in the existing generation business, he said.
Tata Power aims to scale up renewable business towards its 2030 target. Clean energy currently makes up 32 per cent of Tata Power & portfolio which is expected to touch 80 per cent by 2030, Sinha said.
Tata Power is committed and aligned with the government's National Electric Mobility Mission Plan (NEMMP) 2020 and FAME II policy which are focused on transforming the e-mobility space of the country.
"The company has reached a significant milestone of deploying 1000 EV Public charging points across 180 cities in India. Our target is to install EV charger points over a 3,600 km stretch from India's northernmost region of Kashmir to Kanyakumari. We will also continue to strengthen our solar pumps, solaroof and Solar Microgrids businesses across the country," he stated.
On Thursday, Tata Power shares closed at ₹217.95, down nearly 3% on NSE.
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