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Tata Power Q3FY24 PAT grows to Rs 1,076 crore

Tata Power Q3FY24 PAT grows to Rs 1,076 crore

India Blooms News Service | @indiablooms | 10 Feb 2024, 12:05 pm

Mumbai: Tata Power said on Friday that better realization in the core business segments consisting of generation, transmission, distribution, and renewables, helped the company to grow its Q3FY24 reported PAT to Rs 1,076 crore as compared to Rs 1,052 crores of the corresponding quarter last fiscal.

The company’s 9 months FY24 PAT grew to Rs 3,235 crore as against Rs 2,871 crore for the 9 months FY23 PAT.

During the October-December 2023 quarter, Tata Power's revenue rose to Rs. 14,841 crore as compared to Rs 14,339 crore in the last financial year. EBITDA for the quarter grew by 15% YoY to Rs. 3,250 crore.

For 9MFY24, the company's revenue grew to Rs. 45,286 crore, an all-time high for the said period.

At Rs. 9,342 crore, the company's EBITDA for the same period is also at a record high.

The contribution of core businesses now stands at 71% for 9MFY24 PAT compared to 40% in FY23.

The strong momentum in the core business segment also shows the company's contribution to the energy transition that the country is witnessing.

The company has been working in various ways, including the development of 2.8 GW Pumped Hydro Storage Projects with an investment of approximately Rs 13,000 crore, to offer firm and 24x7 dispatchable renewable energy to all segments of consumers.

In its effort to mainstream the adoption of solar energy in the country, Tata Power has facilitated over Rs. 3,500 crore worth of customer financing for solar projects benefiting 2,200 C&I customers and thousands of residential customers.

Tata Power is developing a green energy transmission corridor as the company won its first-ever project under the Tariff Based Competitive Bidding (TBCB) process during the quarter.

The company won the bid to develop an Interstate Transmission System (ISTS) - Bikaner III Neemrana II Transmission Ltd that will be developed in 24 months.

The Rs. 1,544 crore transmission project will enable the evacuation of 7.7 GW of renewable energy from Bikaner Complex in Rajasthan.

The company has also emerged as a winner for another intrastate transmission scheme in Uttar Pradesh that will be developed under project SPV “Jalpura Khurja Power Transmission Ltd”.

Dr Praveer Sinha, CEO and Managing Director, Tata Power, said, "Our core businesses continue to perform well and have helped the company clock its 17th consecutive PAT growth quarter. Our consistent performance shows strong fundamentals of excellence in operational performance and project execution capability.

"As the country witnesses a surge in power demand, Tata Power is well-positioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions."

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