Tata Power beats Street estimates with almost two-fold jump in quarterly net profit

The 12th straight quarter of rising profit demonstrates the company's strong foundations of each of its businesses, the management said.

"We have witnessed strong performance from all of our business clusters — Generation, Transmission, Distribution, including Odisha, and Renewables," said Praveer Sinha, CEO and MD, Tata Power.

"We are working towards strengthening our presence across the entire Green and Clean Energy value chain. We are building smart, sustainable and customised clean energy products and solutions for our more than 12 million consumers across rural and urban India in order to become the preferred power utility of their choice," he said.

He also said the company's goals are aligned with India's energy priorities, and it would keep working towards accelerating the country's transition to clean energy while putting a sharp focus on decarbonisation, digitisation and decentralisation.

In a separate development, Tata Power appointed  Rajiv Mehrishi as independent director.

Tata Power shares ended 0.4 percent lower at Rs 225 apiece on BSE ahead of the earnings announcement. The stock has rewarded investors with a return of 5.2 percent in the past one month, a period in which the Nifty50 benchmark has risen 4.6 percent.