Tata Power Company Ltd on Friday (February 9) reported a 2.3% year-on-year (YoY) increase in net profit at ₹1,076 crore for the third quarter that ended December 31, 2023.
In the corresponding quarter last year,
Tata Power Company posted a net profit of ₹1,052 crore, the company said in a regulatory filing. CNBC-TV18 poll had predicted a profit of ₹991.3 crore for the quarter under review.
The company's revenue from operations increased 3.7% to ₹14,651 crore against ₹14,129 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹15,635 crore for this quarter,
At the operating level, EBITDA grew 3.6% to ₹2,417 crore in the third quarter of this fiscal over ₹2,335 crore YoY. CNBC-TV18 poll had predicted an EBITDA of ₹2,860 crore for the quarter under review.
The EBITDA margin stood at 16.5% in the reporting quarter against 16.5% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. CNBC-TV18 poll had predicted a margin of 18.3% for the quarter under review.
The core businesses of generation, transmission & distribution, and renewables contributed more than 71% of the PAT (profit after tax) before exceptional items in the first nine months (9M) of FY24 vis a vis 40% in FY23. The 9M of FY24 PAT grew to ₹3,235 crore against ₹2,871 crore for the 9M of FY23 PAT.
During Q3 of the FY24 quarter, the share of Tata Power's core business stood at 71% compared to 39% YoY. The Odisha distribution business reported PAT of ₹63 crore in Q3 of FY24, and ₹217 crore in 9M of FY24, higher by 75% and 103%, respectively.
Dr Praveer Sinha, CEO and Managing Director of 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 of December 31, 2023, the company’s operational capacity is 4270 MW in the renewables segment, generating 6,031 MUs of green power. Another 4,752-MW projects under TPREL and 4,120-MW of projects under TPSSL are under execution, thus taking the total clean energy capacity to over 10,000 MW in the next 12-24 months.
The results came after the close of the market hours. Shares of
Tata Power Company Ltd ended at ₹392.10, down by ₹15.45, or 3.79%, on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Feb 9, 2024 6:30 PM IST
