Tata Power Q2 Profit Rises 8% to Rs 1,093 Cr

New Delhi, Oct 30 (PTI) Tata Power on Wednesday posted nearly 8 per cent rise in its consolidated net profit to Rs 1,093.08 crore for the September quarter, mainly on the back of higher revenues.

The company had reported a net profit of Rs 1,017.41 crore in the quarter ended September 30, a BSE filing showed.

Its total income rose to Rs 16,210.80 crore in the quarter from Rs 16.029.54 crore a year ago.

Praveer Sinha, CEO and Managing Director, Tata Power, said, "Our Generation, Transmission & Distribution, and Renewable businesses continue to witness sustained growth momentum as India sees record power demand and investment in the new Age of Electricity".

All business segments have performed remarkably well during the quarter, leading to 20th consecutive quarterly PAT (net profit) growth, he pointed out.

"Aligned with the ‘Make in India' vision, our 4.3 GW cell-and-module plant in Tamil Nadu is going strength-to-strength with the commissioning of a 2 GW cell production line during the quarter," he said, adding that the cell plant will achieve its full capacity by the next month.

The 4.3 GW module plant is already fully operational, establishing Tata Power as a leader in solar manufacturing, he noted.

"We are well on track in terms of our planned Capex for the financial year, with Rs 9,100 crore spent during H1 (April-September) out of Rs 20,000 crore. Our investments in transmission, renewables, and hydro projects are designed to strengthen India's energy resilience and security," he added.

Tata Power is a leading integrated power company and a part of Tata Group, India's largest multi-national business conglomerate.

The company has a diversified portfolio of 15.2 GW, spanning the entire power value chain - from Renewable and conventional energy generation to Transmission & Distribution, Trading, Storage Solutions, and Solar Cells and Module Manufacturing.