Tata Power, one of the largest integrated utilities in the country, continues its growth momentum with the Company reporting its 17th consecutive quarter of PAT growth.
Better realisation in the core business segments consisting of Generation, Transmission & Distribution and Renewables, helped the Company to grow its Q3FY24 reported PAT to Rs. 1,076 crore as compared to Rs. 1,052 crore of the corresponding quarter last fiscal. The 9MFY24 PAT grew to Rs. 3235 crore as against Rs.2871 crore for the 9MFY23 PAT.
During the October-December 2023 quarter, Tata Power's revenue rose to Rs. 14,841 crore as compared to Rs. 14,339 crore in the last financial year. EBITDA for the quarter grew by 15% YoY to Rs. 3,250 crore.
For 9MFY24, the Company's revenue grew to Rs. 45,286 crore, an all-time high for the said period. At Rs. 9,342 crore, the company's EBITDA for the same period is also at a record high. The contribution of core businesses now stands at 71% for 9MFY24 PAT compared to 40% in FY23.
The strong momentum in the core business segment also shows the Company's contribution to the energy transition that the country is witnessing..The Company has been working in various ways, including the development of 2.8 GW Pumped Hydro Storage Projects with an investment of ~ Rs 13,000 crore, to offer firm and 24x7 dispatchable renewable energy to all segments of consumers.
In its effort to mainstream the adoption of solar energy in the country, Tata Power has facilitated over Rs. 3,500 crore worth of customer financing for solar projects benefiting 2,200 C&I customers and thousands of residential customers.
Tata Power is developing a green energy transmission corridor as the Company won its first-ever project under the Tariff Based Competitive Bidding (TBCB) process during the quarter. The Company Tata Power won the bid to develop an Interstate Transmission System (ISTS) - Bikaner III Neemrana II Transmission Ltd that will be developed in 24 months. This prestigious Rs. 1,544 crore transmission project will enable the evacuation of 7.7 GW of renewable energy from Bikaner Complex in Rajasthan.
The Company has also emerged as a winner for another intrastate transmission scheme in Uttar Pradesh that will be developed under project SPV "Jalpura Khurja Power Transmission Ltd".
Dr. Praveer Sinha, CEO and Managing Director, Tata Power, 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 wellpositioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions."
As on 31st December 2023, the Company's operational capacity is 4270 MW in the renewables segment, generating 6,031 MUs of green power. Another 4752 MW of projects under TPREL and 4120 MW of projects under TPSSL are under execution, thus taking the total clean energy capacity to over 10,000 MW in the next 12-24 months. The Company is on an accelerated growth trajectory of transitioning to green energy and aiming for around 70% of capacity from non-fossil-based fuels by 2030.
Shares of Tata Power Company Limited was last trading in BSE at Rs. 392.10 as compared to the previous close of Rs. 407.55. The total number of shares traded during the day was 4092964 in over 86743 trades.
The stock hit an intraday high of Rs. 412.75 and intraday low of 384.05. The net turnover during the day was Rs. 1610095435.00. |
