"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 well-positioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions." -Dr. Praveer Sinha, CEO and Managing Director, Tata Power
Feb 2024 : Tata Power continues its growth momentum, with the Company reporting its 17th consecutive quarter of PAT growth.
Better realization in the core business segments consisting of Generation, Transmission and Distribution and Renewables, helped the Company grow its Q3 FY24 reported PAT to ₹1,076 crore as compared to ₹1,052 crore of the corresponding quarter last fiscal. For the first nine months of FY24 PAT grew to ₹3,235 crore as against ₹2,871 crore in the first three quarters FY23.
During the October–December 2023 quarter, Tata Power's revenue rose to ₹14,841 crore as compared to ₹14,339 crore in the last financial year. EBITDA for the quarter grew by 15 percent YoY to ₹3,250 crore.
For the first nine months of FY24, the Company's revenue grew to ₹45,286 crore, an all-time high for said period. At ₹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 percent compared to 40 percent in the first nine months of 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 ~ ₹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 ₹3,500 crore worth of customer financing for solar projects benefiting 2,200 C&I customers and thousands of residential customers.
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 well-positioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions."
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