Tata Power Q4: Net Profit Rises 48% To Rs 939 Crore, Board Declares Dividend Of Rs 2 Per Share

Higher sales across distribution companies and capacity addition in renewables saw a rise in consolidated revenue by 6 per cent to Rs 12,755 crore during the fourth quarter.

Tata Power on Thursday reported a massive 48 per cent jump in its consolidated net profit to Rs 939 crore in the March quarter on the back of higher revenues. According to the company's exchange filing, the consolidated revenue rose 6 per cent to Rs 12,755 crore during the fourth quarter from Rs 12,085 crore a year ago due to higher sales across distribution companies and capacity addition in renewables.

Tata Power's consolidated net profit for Q4 of FY22 was Rs 632 crore. 

Tata Power's board has recommended a dividend of Rs 2 per share for the financial year 2022-23.

For the entire fiscal year 2022-23, Tata Power's consolidated net profit rose to Rs 3,810 crore from Rs 2,156 crore in the previous fiscal year. 

The fiscal year 2022-23 saw growth in consolidated revenue to Rs 56,033 crore from Rs 42,576 crore in FY22. It was attributed to higher availability in the Mundra thermal plant operating under power ministry guidelines, increased sales across distribution companies, and a strong addition to the renewables portfolio.

Consolidated EBITDA was up by 38 per cent at Rs 3,101 crore vs Rs 2,253 crore in Q4 of FY22 due to lower under-recovery in Mundra, capacity addition in Renewables, and execution of Solar EPC projects, the company said. 

"The growing need for power has enabled us to keep our momentum strong as we remain committed to meeting the nation's demand with reliable and quality power supply," Praveer Sinha, Chief Executive Officer & Managing Director of Tata Power, said in the statement.

Distribution business has performed exceptionally well which is evident from the continuous reduction in AT&C (aggregate technical and commercial) losses in Odisha Discoms and the high-performance ratings of our Mumbai, Delhi, and Odisha Discoms, he said.

Renewable Energy business has expanded significantly across EPC (engineering procurement construction), utility-scale, and rooftop verticals and is well poised to lead India's green energy transition, he further added.

Praveer Sinha said, "The completion of Rs 4,000 crore ($525 million) worth capital infusion into our renewables business, one of the biggest value unlocks in renewable business globally, will enable us to fuel the next leg of growth. We have also made rapid strides in our EV charging business and have emerged as the largest network in the country with presence across 350+ cities and towns."