Tata Power profit surges 91% YoY in Q3 FY23
The company’s profit increased for the 13th straight quarter.
India-based Tata Power posted a 91% year-on-year growth to around $127.6m (INR1,052 crore) in consolidated profit after tax for the third quarter of the financial year 2022 on the back of the significant growth across its businesses.
In a statement, Tata said this is the 13th straight quarter its profit has increased significantly. Year-to-date, it rose 88% to $348.6m (INR2,871 crore).
“The stellar performance from all our business clusters - Generation, Transmission, Distribution, and Renewables has placed us in a very bright spot. The first three quarters of the current fiscal have ended on a strong note, delivering sequential revenue growth and profit,” said Tata Power CEO and Managing Director Praveer Sinha.
“The third quarter saw significant strides in various businesses associated with our Green Energy Platform and Transmission & Distribution (T&D) business. We have committed investments in Renewables and in Odisha Power Distribution and have further strengthened our position in Rooftop Solar and EV charging domains,” he added.
The company’s revenue was up 30% YoY to around $1.7b (INR14,339 crore) during the quarter, whilst the earnings before interest, tax, depreciation, and amortisation (EBITDA) was up 53% YoY to around $342.1m (INR2,818 crore).
$1 = INR82.36