Tata Power Q1 net profit surges 103% to ₹794 crs (YOY)

During the three months ending June 30, 2022, Tata Power’s consolidated net income increased 103% year-on-year to reach Rs 795 crs. According to Tata Power’s regulatory filing, the company is currently increasing its after-tax profit (PAT) quarterly.

At the same time last year, the company reported a net profit of 391 crs rupees. Compared to the same quarter of the previous fiscal year, consolidated operating profit increased by 43% to Rs 14,495 crs.

In addition, Tata Power’s EBITDA or interest, taxes, depreciation and pre-amortization profits were 2,107 crs, compared to 2,365 crs in the first quarter of 2010 (according to a favorable government order in Mundra last year).

It is also claimed to have set up a network of about 2,350 public and semi-public electric vehicle charging stations, and about 1,400 additional charging stations are still under construction. In addition, the company has deployed 240 bus charging stations and 18,500 household chargers throughout India.

Commenting on the results, Praveer Sinha, CEO & MD 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.”