The company reported a Profit After Tax (PAT) of Rs 1,076 crore, marking a significant growth trajectory and extending its streak of consecutive quarterly PAT growth to a remarkable 17 quarters.
Tata Power, one of India's leading integrated utilities, has announced impressive financial results for the third quarter of the financial year 2023-24 (Q3 FY24). According to a press release by Tata, the company reported a Profit After Tax (PAT) of Rs 1,076 crore, marking a significant growth trajectory and extending its streak of consecutive quarterly PAT growth to a remarkable 17 quarters.
In a statement released today, Tata Power highlighted the robust performance across its core business segments, including Generation, Transmission and Distribution, and Renewables.
The company's Q3 FY24 revenue surged to Rs 14,841 crore, representing a noteworthy increase compared to Rs 14,339 crore reported in the corresponding quarter of the previous fiscal year.
Additionally, Tata Power's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) witnessed a substantial YoY growth of 15 per cent , reaching Rs 3,250 crore.
For the first nine months of FY24 (9MFY24), Tata Power's revenue reached an all-time high of Rs 45,286 crore, with EBITDA standing at Rs 9,342 crore.
The company's strong financial performance reflects its continued focus on operational excellence and strategic project execution. Notably, the contribution of Tata Power's core businesses to the PAT before exceptional items has increased significantly, accounting for more than 71 per cent of the total in 9MFY24, compared to 40 per cent in the previous fiscal year (FY23).
This highlights the company's resilience and strategic alignment with India's energy transition goals. The company's growth momentum in the core business segments underscores its commitment to driving the adoption of clean and green energy solutions.
Tata Power has been actively involved in various initiatives aimed at promoting renewable energy adoption, including the development of 2.8 GW Pumped Hydro Storage Projects with an investment of approximately Rs 13,000 crore.
Furthermore, Tata Power has facilitated over Rs 3,500 crore worth of customer financing for solar projects, benefiting a wide range of commercial and residential customeRs
In addition to its focus on renewables, Tata Power has made significant strides in transmission infrastructure development. During Q3 FY24, the company secured two transmission projects worth Rs 2,300 crore under the Tariff Based Competitive Bidding (TBCB) regime.
These projects, located in Bikaner-Neemrana and Jalpura-Khurja, will bolster the company's transmission capabilities and support the evacuation of renewable energy from key regions.
Praveer Sinha, CEO and Managing Director of Tata Power, expressed confidence in the company's growth trajectory, citing strong fundamentals in operational performance and project execution capability.
Sinha 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."
Tata Power's robust financial performance and strategic initiatives reinforce its position as a leading player in India's energy landscape, poised to drive sustainable growth and contribute to the nation's energy transition objectives.
(Except for the headline, this story has not been edited by DNA staff and is published from ANI)
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