Tata Power second quarter net profit jumps 36% to Rs 506 crore

Tata Power on Thursday posted 36 per cen jump in consolidated net profit at Rs 506 crore for September quarter 2021-22 on the back of higher revenues.

The net profit of the company in the quarter ended September 30, 2020 was Rs 371 crore, a BSE filing stated.

Total income stood at Rs 10,187.33 crore in the quarter as against Rs 8,441.60 crore in the same period a year ago.

Consolidated profit after tax was up 36 per cent due to savings in finance cost and better performance in Renewables Business, a company statement said.

Tata Power Group's revenue was up 13 per cent at Rs 9,502 crore as compared to Rs 8,428 crore in the year-ago period, it stated.

This is mainly due to expanded operations in Odisha DISCOMs, higher project execution in Solar EPC Business and strong business performance by all other businesses, it said.

"The robust performance during this quarter is a reflection of our continued focus on our well calibrated business strategy. All our business divisions and subsidiaries have reported strong results. Our consolidated financial performance was exceptionally strong on the back of robust underlying business performance," Praveer Sinha, CEO & Managing Director, Tata Power said.

The company's focus continues to remain towards the expansion of its Renewable and Distribution businesses and go green strategy in the existing generation business, he said.

Tata Power aims to scale up renewable business towards its 2030 target. Clean energy currently makes up 32 per cent of Tata Power & portfolio which is expected to touch 80 per cent by 2030, Sinha said.

Tata Power is committed and aligned with the government's National Electric Mobility Mission Plan (NEMMP) 2020 and FAME II policy which are focused on transforming the e-mobility space of the country.

"The company has reached a significant milestone of deploying 1000 EV Public charging points across 180 cities in India. Our target is to install EV charger points over a 3,600 km stretch from India's northernmost region of Kashmir to Kanyakumari. We will also continue to strengthen our solar pumps, solaroof and Solar Microgrids businesses across the country," he stated.