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Tata Power’s Q2 profit up 36% to 506 crore on cost savings

Tata Power is committed and aligned with the government's NEMMP 2020 and FAME II policy which are focused on transforming the e-mobility space of the country. (Mint)Premium
Tata Power is committed and aligned with the government's NEMMP 2020 and FAME II policy which are focused on transforming the e-mobility space of the country. (Mint)

Net Profit rose to 506 crore in the three months ended 30 September from 371 crore a year ago. Total income rose to 10,187.33 crore in the quarter against 8,441.60 crore in the earlier year.

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MUMBAI : Tata Power Ltd said fiscal second-quarter rose 36% on savings in finance cost and improved performance of its renewables business.

Net Profit rose to 506 crore in the three months ended 30 September from 371 crore a year ago. Total income rose to 10,187.33 crore in the quarter against 8,441.60 crore in the earlier year. “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," said Praveer Sinha, chief executive and managing director, Tata Power. Sinha added that the firm plans to scale up renewable business towards its 2030 target. Clean energy currently makes up 32% of Tata Power’s portfolio. It is expected to touch 80% by 2030. Tata Power said it is committed to the government’s National Electric Mobility Mission Plan 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 1,000 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," Sinha added.

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