Tata Power Q3 Net Profit Rises 2% to Rs 1,076 Crore
By Rediff Money Desk, NEWDELHI Feb 09, 2024 17:43
Tata Power's consolidated net profit increased by 2% to Rs 1,076 crore in the December 2023 quarter, driven by strong performance in core businesses and a surge in power demand.
![Tata Power Q3 Net Profit Rises 2% to Rs 1,076 Crore](https://im.rediff.com/money/2023/aug/19tata-power.jpg)
Photograph: Shailesh Andrade/Reuters
New Delhi, Feb 9 (PTI) Tata Power on Friday posted a marginal increase of 2 per cent in its consolidated net profit at Rs 1,076 crore in December 2023 quarter.
Its consolidated net profit was Rs 1,052 crore in the quarter ended on December 31, 2022, a company statement showed.
Total revenues also rose to Rs 14,841 crore in the quarter from Rs 14,339 crore in the same period a year ago.
Praveer Sinha, CEO and Managing Director, Tata Power, said in the statement, "Our core businesses continue to perform well and have helped the Company clock its 17th consecutive PAT (profit after tax or net profit) growth quarter."
Our consistent performance shows strong fundamentals of excellence in operational performance and project execution capability, he noted.
As the country witnesses a surge in power demand, Tata Power is well positioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions, he said.
The company stated that better realisation in the core business segments, consisting of generation, transmission & distribution, and renewables, helped grow its profit.
The PAT during nine-month period of FY24 (April to December) grew to Rs 3,235 crore as against Rs 2,871 crore in the same period of previous financial year.
During April-December 2023, the company's revenue grew to Rs 45,286 crore, an all-time high for the said period, it stated.
As on December 31, 2023, the company's operational capacity stood at 4,270 MW in the renewables segment, generating 6,031 MUs (million units) of green power.
Another 4,752 MW of projects under TPREL (Tata Power Renewable Energy) and 4,120 MW of projects under TPSSL (Tata Power Solar Systems) 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 per cent of capacity from non-fossil-based fuels by 2030.
Tata Power is a leading integrated power company and a part of Tata Group.
The company has a diversified portfolio of 14,453 MW, spanning across the entire power value chain -- from renewable and conventional energy generation to transmission & distribution, trading, storage solutions and solar cells and module manufacturing.
Tata Power has 5,593 MW of clean energy generation, which constitutes 39 per cent of its total capacity.
Its consolidated net profit was Rs 1,052 crore in the quarter ended on December 31, 2022, a company statement showed.
Total revenues also rose to Rs 14,841 crore in the quarter from Rs 14,339 crore in the same period a year ago.
Praveer Sinha, CEO and Managing Director, Tata Power, said in the statement, "Our core businesses continue to perform well and have helped the Company clock its 17th consecutive PAT (profit after tax or net profit) growth quarter."
Our consistent performance shows strong fundamentals of excellence in operational performance and project execution capability, he noted.
As the country witnesses a surge in power demand, Tata Power is well positioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions, he said.
The company stated that better realisation in the core business segments, consisting of generation, transmission & distribution, and renewables, helped grow its profit.
The PAT during nine-month period of FY24 (April to December) grew to Rs 3,235 crore as against Rs 2,871 crore in the same period of previous financial year.
During April-December 2023, the company's revenue grew to Rs 45,286 crore, an all-time high for the said period, it stated.
As on December 31, 2023, the company's operational capacity stood at 4,270 MW in the renewables segment, generating 6,031 MUs (million units) of green power.
Another 4,752 MW of projects under TPREL (Tata Power Renewable Energy) and 4,120 MW of projects under TPSSL (Tata Power Solar Systems) 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 per cent of capacity from non-fossil-based fuels by 2030.
Tata Power is a leading integrated power company and a part of Tata Group.
The company has a diversified portfolio of 14,453 MW, spanning across the entire power value chain -- from renewable and conventional energy generation to transmission & distribution, trading, storage solutions and solar cells and module manufacturing.
Tata Power has 5,593 MW of clean energy generation, which constitutes 39 per cent of its total capacity.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.74 (+ 2.62)
- 84886833
- Srestha Finvest
- 2.24 (+ 4.67)
- 34707853
- Ola Electric Mobilit
- 132.76 (+ 19.99)
- 27685743
- Suzlon Energy Ltd.
- 79.93 (+ 4.10)
- 27308498
- IFL Enterprises
- 1.22 (+ 4.27)
- 24757806
MORE NEWS
![Sebi Eases...](https://im.rediff.com/80-80/money/2024/aug/10sebi1.jpg)
Sebi Eases Compliance for Listed NCDs - New...
Sebi proposes amendments to simplify compliance requirements for entities with listed...
![Chandrasekaran:...](https://im.rediff.com/80-80/news/2018/jan/04modi.jpg)
Chandrasekaran: Learn From Indian Wisdom &...
Tata Group Chairman N Chandrasekaran emphasizes the importance of learning from Indian...
JSW Cement Files IPO Papers to Raise Rs 4,000...
JSW Cement has filed draft papers with Sebi for an IPO to raise Rs 4,000 crore. The IPO...