This Tata Company Reports 104% Increase In Profits; Revenue Surges By 43%
For the April-June 2022 quarter, Tata Power reported a 103.2% rise in its consolidated net profit at Rs 794.60 crore in, mainly on the back of higher revenues on Tuesday.
Rise In Profits
The information was revealed when the firm posted a consecutive quarter of profit after tax (PAT) growth, in a BSE filing.
When it comes to business, the company’s operations range from generation to transmission and retailing of power.
It posted a consolidated net profit of Rs 391.03 crore in the year-ago quarter, as per the statement.
Further, the filing mentioned that the revenue from operations increased 43% to Rs 14,495.48 crore.
For the same period last, Tata Power had posted a revenue of Rs 10,132 crore.
At the same time, its EBITDA, or earnings before interest, taxes, depreciation, and amortization came at Rs 2,107 crore as compared to Rs 2,365 crore in Q1FY22.
Investment In Renewables Sector
The firm said it plans a consolidated capex of Rs 14,000 crore in 2022-23, including a Rs 10,000 crore investment in the renewables sector, in a separate statement.
Tata Power said that it has reassessed the recoverability of unabsorbed tax depreciation and has recognised deferred tax assets amounting to Rs 111 crore during the quarter.
Further saying that it has set up a network of more than 2,350 public and semi-public EV chargers with another 1,400-plus chargers in various stages of installation.
Besides this, it has also installed 18,500 home chargers and 240 bus charging points across India.
Robust Growth Trajectory For Tata Power
“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,” said Praveer Sinha, MD and CEO at Tata Power, while speaking about the June quarter results.
In the meantime, the shares of Tata Power Company Limited closed 3.01% lower at Rs 225.50 apiece on the NSE on 26 July.