Tata Power Co. Q3 PAT grows 73% YoY to Rs 552 cr

Tata Power Co.'s consolidated net profit soared 73.3% to Rs 551.89 crore on a 43.6% jump in net sales to Rs 10,913.14 crore in Q3 December 2021 over Q3 December 2020.

Consolidated PAT improved on the back of strong all-round business performance by all verticals while revenue witnessed a robust growth on account of expanded operation in Odisha DISCOMs, higher project execution by Tata Power Solar Systems (TPSSL) and strong performance of all other businesses.

Consolidated profit before tax (PBT) surged 87.2% to Rs 788.49 crore in Q3 FY22 from Rs 421.09 crore in Q3 FY21. Underlying EBITDA grew 16% to Rs 2,499 crore in Q3 FY22 as against Rs 2,149 crore in Q3 FY21, mainly due to higher profit from coal mines offset by higher losses in CGPL due to increase in coal prices.

Standalone revenues were up by 29.5% Y-o-Y (year-on-year) at Rs 2147.20 crore as compared to Rs 1657.59 crore in Q3 FY21, mainly due to higher fuel cost. PAT slumped 91.5% Y-o-Y to Rs 48.67 crore as compared to Rs 574.52 crore in Q3 FY21, mainly due to lower dividend income declared by the subsidiaries in this quarter.

Commenting on the company's Q3 performance, Praveer Sinha, the chief executive officer (CEO) and managing director (MD) of Tata Power, 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."

The scrip fell 0.40% to currently trade at Rs 237 on BSE. Tata Power Company (TPC) is one of the largest private-sector power utilities in India, with an installed generation capacity of 13,068 megawatts as of September 2021. The company's business operations include power generation from thermal, hydro, solar and wind sources, transmission and distribution. The company also owns coal mines in Indonesia and a license for coal mining in Russia.

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