HomeBUSINESSTata Power Q1 results: PAT zooms 103% to ₹794.60 cr; revenue up...

Tata Power Q1 results: PAT zooms 103% to ₹794.60 cr; revenue up 43%

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Tata Power on Tuesday reported 103.2% rise in its consolidated net profit at 794.60 crore in the April-June 2022 quarter, mainly on the back of higher revenues. With this, the firm has posted consecutive quarter of profit after tax (PAT) growth, it said in a BSE filing.

The company, whose operations range from generation to transmission and retailing of power, posted a consolidated net profit of 391.03 crore in the year-ago quarter, according to a statement.

Revenue from operations increased 43% to 14,495.48 crore, the company said in a BSE filing on Tuesday. Tata Power had posted a revenue of 10,132 crore during the corresponding period last year.

The company’s EBITDA, or earnings before interest, taxes, depreciation, and amortization came at 2,107 crore as compared to 2,365 crore in Q1FY22.

In a separate statement, the firm said it plans a consolidated capex of 14,000 crore in 2022-23, including a 10,000 crore investment in the renewables sector.

During the quarter, the company said, it has reassessed the recoverability of unabsorbed tax depreciation and has recognised deferred tax assets amounting to 111 crore.

Tata Power further said that it has set up a network of more than 2,350 public and semi-public EV chargers with another 1,400-plus chargers in various stages of installation. It has also installed 18,500 home chargers and 240 bus charging points across India.

Speaking about the June quarter results, Praveer Sinha, MD and CEO at Tata Power, said, “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 growth. We have a robust growth trajectory with stable long-term cost structures and competitiveness across businesses. We are offering a wide range of energy services across the entire value chain along with cutting-edge technologies and superior project execution capabilities. As a future-ready EaaS company, we are well poised to contribute towards India’s green energy transition.”

Shares of Tata Power Company Limited closed 3.01% lower at 225.50 apiece on the NSE today.

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