Tata Power net profit rises 74% to Rs 552 cr in December quarter

Tata Power on Wednesday posted a 74 per cent rise in its consolidated net profit to Rs 552 crore for the December quarter on the back of higher revenues.

This was the ninth consecutive quarter of PAT growth, it added.

"Consolidated PAT (profit after tax) up by 74 per cent YoY year at Rs 552 crore vs Rs 318 Crore in Q3 FY21 (October-December 2020) on the back of strong all-round business performance by all verticals," a company statement said.

Consolidated revenue also went up by 42 per cent to Rs 11,015 crore, from Rs 7,756 crore in Q3 FY21 due to expanded operation in Odisha discoms, higher project execution by Tata Power Solar Systems Ltd (TPSSL), and strong performance of all other businesses, it said.

The company's CEO and Managing Director Praveer Sinha said,"Tata Power has delivered strong financial performance for the 9th consecutive quarter. All our business clusters have contributed significantly despite facing pandemic-related challenges, demonstrating tremendous resilience, strength and agility."

"We are committed to focus on key growth areas viz renewables, distribution, and new businesses comprising rooftop solar, solar pumps and EV charging. We'll focus on utilising technology to offer smart, green energy solutions and provide world class experience to our 12 million plus customers," he added.

Its arm Tata Power Solar Systems Ltd (TPSSL) will set up a 4 GW solar cell and module manufacturing capacity with an investment of Rs 3,400 crore.

The solar engineering, procurement and construction order book has crossed the Rs 10,000 crore-mark, it added.

Renewable portfolio grew due to addition of 289 MW capacity and strong execution of both large scale and rooftop solar projects by TPSSL.

It has developed a network of 1,200+ EV (electric vehicle) charging points across India.

Tata Power is one of India's largest integrated power companies. Together with its subsidiaries and jointly controlled entities, it has an installed/managed capacity of 13,171 MW.