Q1 Report Tata Power Q1FY24 PAT grows 29% YoY to Rs 1,140.97 cr
Mumbai: Tata Power Company Limited (Tata Power) announced a consolidated net profit of Rs 1,140.97 crore for the first quarter of FY 24, a year-on-year growth of 29 percent compared to a consolidated profit of Rs 883.54 crore in the previous year.
The consolidated revenue from operations for the Tata Group entity remained nearly unchanged, experiencing only a marginal growth of 1.5 percent, reaching Rs 14,982.55 crore in contrast to Rs 14,752.69 crore during the corresponding period in the previous year.
The company attributed this marginal increase to heightened sales across distribution companies and the expansion of capacity in the renewable energy sector.
Sequentially, the consolidated revenues surged by 17.6 percent from Rs 12,737.37 crore reported in the preceding quarter.
"We have delivered a 15th consecutive quarter of PAT growth on the back of strong performance across all business clusters. This is the result of our effective strategies, operational efficiencies, and execution excellence driven by our committed workforce," said Praveer Sinha, CEO & MD, Tata Power.
"We have planned nearly Rs 12,000 crore of capex for the current financial year that would help us lead the green energy transition and in the growth opportunities in the transmission and distribution business," he said.
The consolidated EBITDA demonstrated a notable increase of 43 percent, reaching Rs 3,005 crore in comparison to Rs 2,107 crore in Q1 FY23. This growth can be attributed to reduced under-recovery in the Mundra plant and a favorable regulatory order in Maithon Power Limited (MPL).
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