Tata Power’s Q3FY23 net profit rises by 91%

Tata Power reported a 91% year-on-year (YoY) rise in its consolidated profit after tax to INR 1,052 crore for the quarter ended December 31, 2022. The company had reported a net profit of INR 551.89 crore in the same quarter of the previous fiscal year. Its consolidated revenue was up 30% to INR 14,339 crore against INR 11,015 crore in Q3FY22 on account of capacity addition in the renewables business, higher generation in thermal plants and higher sales in distribution companies.

Meanwhile, consolidated EBITDA grew 53% to INR 2,818 crore as compared to INR 1,841 crore in Q3 FY22 on account of better performance across all business verticals.

“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,” said Praveer Sinha, CEO & MD of Tata Power.

In Q3FY23, the order pipeline of Tata Power Solar, including third-party projects, stands at 3.9 GW worth INR 15,440 crore. During the quarter, Tata Power Renewable Energy (TPREL) received a letter of award from Tata Power Delhi Distribution Limited (TPDDL) to set up a 255 MW Hybrid Project with a green shoe option for another 255 MW. TPREL also received a letter of award from MSEDCL to set up a 150 MW solar project in Maharashtra. Its Rooftop Solar (RTS) business order book pipeline stands at over INR 1,300 crore.