Tata Power profit rises 90% YoY in Q1 FY23
This is the company’s 11th straight profit after tax YoY quarterly growth.
Tata Power recorded a 90% year-on-year (YoY) increase in profit to INR8.8b in the first quarter of the financial year (FY) 2023, the 11th consecutive quarterly profit growth posted by the company.
In a statement, Tata Power said the profit growth was mainly due to the improved performance across all its businesses, mainly profit from coal companies. Its revenue also rose 48% YoY to around INR147.8b.
“We have started the new fiscal year on a solid note with all of our business clusters - Generation, Transmission, Distribution, including Odisha, and Renewables - performing very well. This is aptly reflected in our 11th consecutive quarter of PAT (profit after tax) growth,” said Tata Power CEO and Managing Director Praveer Sinha.
“We have a robust growth trajectory with stable long-term cost structures and competitiveness across businesses,” he added.
Tata Power said it has commissioned 600 megawatts (MW) of large-scale engineering, procurement, and construction (EPC) projects. It has a strong solar EPC order book reaching around INR146.6b, and winning 1.7 gigawatts projects during the quarter.
Its total renewable capacity is 5,524MW, of which 3,636MW had been installed and 1,890MW were in various stages of implementation.
For the financial year, it plans an INR140b consolidated capital expenditure, with INR100b in renewables.